The confidence of Spanish investors in the markets has shown a “strong recovery” during the third quarter of 2026, nearing the maximum levels reached in 2025, according to the latest results of the Investor Confidence Index prepared by JP Morgan Asset Management (AM).
Based on this benchmark from the asset manager, the indicator has moved from the 0.2 points recorded in March, after the start of the conflict in the Middle East, to 2.5 points at the end of September, placing it very close to the January figure, when it exceeded 3 points.
JP Morgan AM emphasizes that domestic investors have been reducing their concern about the consequences of geopolitics and have been gradually rebuilding confidence in the direction of the economy, supported by factors such as growth, the rebound in the stock markets, and the strength of corporate profits.
However, although the monthly trend suggested that the third quarter could end with all-time highs for the index, the trajectory experienced a “stall” in September. Even so, preliminary figures for October point to a slight advance.
The report states that, in September, Spanish savers reflected “greater concern about the economy” and “a greater sense of uncertainty and volatility about the markets,” factors that the study links to the rebound in inflation, the rise in interest rates, and the accumulated losses in fixed income.
As a result, after the summer period, pessimism took hold among almost a third of survey participants (29.5%), compared with the 17% observed in previous months.
By geographic areas, the Spanish stock market keeps its return forecasts unchanged from the previous quarter (21.8%), while Spanish investors continue to anticipate a more favorable performance for US equities (27%).
At the same time, 17.7% of those surveyed believe that Asian markets will be the ones to record the highest revaluation (17.7%), above the 13.3% recorded in the preceding quarter.
With regard to investment products, interest-bearing deposits and savings accounts will continue to be the preferred option for channeling savings over the next six months (42.8%), although their share decreases by four points compared with the previous quarter.
At the same time, the intention to hire investment funds increases, rising to 21.7% from 17.8% in the second quarter of this year.
The report also notes that, for the first time in the entire historical series, Spanish investors show a greater inclination to invest directly in shares than in pension plans (14.8%), compared with 13.5%.