The Ibex 35 has closed the week with a rise of 3.36%, standing at 20,020.10 points. The period has been conditioned by the scandals surrounding Nvidia, which have led to the dismissal of its CEO, Jensen Huang, after 33 years at the helm of the firm, by the developments in the conflict in Iran, and by the publication of corporate results.
The Spanish benchmark index finished this Friday’s session with a rebound of 0.27%. In the accumulated total for 2026, the Ibex 35 already shows a gain of 15.67%.
XTB’s analysts emphasize that the composition of the Ibex 35 “allows participation in businesses with engines different from the US technology cycle.” They also add that “relief in oil prices can also favor energy-consuming companies, although statements about Iran and risks to supply continue to trigger sharp moves.”
As for Nvidia, Colette Kress, the company’s CFO until now, will provisionally assume Huang’s position while a new chief executive is selected, with profiles such as Tim Cook, of Apple, being considered.
According to Renta 4 experts, “the market values the potential implications for the AI ecosystem built around Nvidia (circular financing) and also questions whether it will have an impact on the placement of Anthropic, from whose private tranche (26 billion dollars out of the total 90.4 billion dollars that is expected to be raised), Nvidia had committed to contribute 10 billion dollars.”
Geopolitical tension and oil up
On the geopolitical front, US President Donald Trump has said that Iran’s regime “is collapsing,” by arguing that its economy has been destroyed, its Armed Forces have been “annihilated,” and that Washington maintains “total control” over the Strait of Hormuz without having suffered military casualties in the last five months.
In a telephone interview with the US conservative channel Salem News Channel, the leader stressed that he will not hesitate to use military force again if he perceives that the situation in the area becomes complicated, after remarking that the United States has been fighting for three weeks “at a fairly rapid pace.”
For its part, Iran’s Revolutionary Guard has claimed to have attacked and destroyed an early warning radar of the United States Army in Bahrain, as retaliation for a prior airstrike against a telecommunications tower in the Iranian town of Sirik, in Hormozgan province.
In a statement released by Tasnim agency, linked to the military wing, the Revolutionary Guard’s aerospace force specified that the operation was carried out as a direct response to the air offensive attributed to the United States against Sirik’s infrastructure.
In this setting, the Brent barrel, a benchmark in Europe, was resuming gains to 96.36 dollars, up 0.56%, while the West Texas Intermediate (WTI), a benchmark in the United States, was advancing 0.19%, to 88.91 dollars.
Macroeconomic data in the eurozone and Spain
On the macroeconomic front, the gross domestic product (GDP) of the euro area grew 0.4% in the third quarter of 2026 compared with the previous quarter, slowing by two tenths the pace from the 0.6% recorded between April and June, according to the second estimate published by Eurostat.
In Spain’s case, the National Statistics Institute (INE) has reported that the Consumer Price Index (CPI) kept an annual rate of 4.9% in October, levels not seen since February 2023, thereby chaining three straight months with increases above 4%.
Corporate results: Técnicas Reunidas, Enagás and Digi
In the corporate chapter, Técnicas Reunidas has communicated, before the opening, that it obtained net profit of 119.6 million euros in the first nine months of 2026, 12% more than the 106.9 million of the same period of the previous year. The company plans to resume the interim dividend after signing a record order backlog.
Likewise, Enagás has announced that, through its subsidiary Enagás Internacional, it has reached an agreement with EDF Invest, the investment division of Electricité de France (EDF), to buy an additional 18% of the capital of the French company Teréga for 311 million euros. With this operation, its stake in the French company rises to 49.5%.
On the other hand, Romanian telecommunications group Digi Communications recorded attributable net losses of 54.2 million euros between January and September 2026, compared with the attributable net profit of 22.1 million euros for the same period of the previous fiscal year, according to the unaudited accounts presented this Friday.
Stock performance, European stock exchanges and financial markets
In this Friday’s session, the most notable movers upward within the Ibex 35 were Repsol (+3.31%), Redeia (+2.90%), Endesa (+1.64%), Iberdrola (+1.54%) and Enagás (+1.27%). On the other side, Acciona led the declines (-7.98%), followed by Acciona Energía (-6.89%), Solaria (-3.70%), ArcelorMittal (-3.03%) and Colonial (-2.21%).
The rest of the major European venues showed mixed performance. London’s FTSE 100 rose by 0.36%, Paris’s Cac 40 added 0.09%, and Milan’s FTSE MIB rebounded by 0.10%, while Frankfurt’s Dax fell by 0.08% and the Euro Stoxx 50 retreated by 0.19%.
In the debt market, the yield on the 10-year Spanish bond was climbing to 3.934%, putting the risk premium —the differential versus the German 'bund' at the same maturity— at 56.90 basis points.
In the currency market, the euro was depreciating by 0.18% versus the dollar, to 1.1035 "greenbacks".
Among the assets considered safe havens during periods of high volatility, the ounce of gold fell by 0.28%, to 3,874 dollars, while bitcoin dropped by 4.28%, to 68,666 dollars.