The Ibex is testing new records

Markets are striving to extend the upward momentum triggered by the upcoming reopening of the US government. The 2.2% gain achieved yesterday by the Nasdaq is giving way to slight signs of progress in Europe, including the Ibex, which is aiming for new records.

The political deadlock in the United States is drawing ever closer. Yesterday, the Senate approved the necessary funding to end the longest government shutdown in history. The final decision now rests with the House of Representatives, so the government is expected to reopen soon, along with the release of official US economic data.

The optimism generated by the political deadlock in the US reached Europe yesterday and, to a greater extent, Wall Street . The S&P 500 closed with gains of 1.5%, and the tech-heavy Nasdaq defied doubts about its rally with an additional 2.2% surge.

The buying frenzy is cooling today. In Asia, the Nikkei index finished virtually unchanged, and Wall Street futures are threatening to slightly correct yesterday's gains. The Nasdaq is also watching the effects of Japanese giant Softbank's decision to cash in and sell all its shares in Nvidia , the leading example of the AI ​​stock market rally. Nvidia is trending downward on Wall Street.

The Spanish stock market is leaning more towards general caution today than the surge seen on Wall Street yesterday. The slight upward movement opens the door to new all-time highs for the Ibex, surpassing the 16,182 points recorded at yesterday's close. At its intraday high, it exceeded the 16,200-point mark.

Cyclical stocks are once again benefiting from the increased confidence reflected in the markets. BBVA , boosted by Goldman Sachs, is leading the Ibex gains, followed by Santander in the sector.

Rovi, Aena and Repsol , along with construction-related stocks such as Sacyr and ACS, also provide bullish support for the Ibex in today's session.

The slowdown is again coming from sectors with a more defensive profile, such as utilities and telecoms. Naturgy, Cellnex, and Telefónica are lagging behind in the Ibex.

European equities are caught between consolidating yesterday's gains and a renewed surge. The UK's FTSE reached new all-time highs as expectations of a Bank of England interest rate cut increased, while Germany's DAX hovered around 24,000 points. The pan-European Stoxx 600 index is nearing record highs above 575 points.

Today's corporate news in Europe shows gains, such as those seen in Vodafone . The British telecommunications company's shares rose by up to 5% after revising its business forecasts upwards. The German airport operator Fraport and the British firm Oxford Instruments saw their shares climb nearly 10% at times, rewarding their results. Conversely, the market reacted strongly to the earnings reports of Swatch and Ionos Group, with a predominance of selling pressure on their shares. The declines were more pronounced in one of the leading stocks in the defense sector, the German group Hensoldt , after its initial forecasts disappointed investors.

Equity investors are seeing little news in the form of a decline in bond yields . Fixed income is consolidating, awaiting the first batch of macroeconomic data from the US if the reopening of its government is confirmed. The yield on US debt remains above 4.10%. In Europe, the yield on the German Bund is easing to around 2.70%, compared to the 3.20% that the Spanish 10-year bond is hovering around.

As with government debt, movements are limited in the currency market today. The dollar is awaiting macroeconomic data such as the US CPI without relinquishing the ground it has gained in recent weeks. The euro is holding steady at around $1.15, while the British pound is closing below $1.31.

The increased stability in the markets also extends to oil prices. The rebound prompted by progress toward breaking the political deadlock in the US has given way to a respite in its price. Brent crude is struggling today to hold above the $64 mark.

Gold is rebounding again this week, erasing some of the losses it has suffered since reaching its record highs. The ultimate safe-haven asset is extending its rally above $4,100 an ounce.

Bullish sentiment is more subdued today in the price of Bitcoin . Yesterday's surge has cooled, and the largest cryptocurrency is stuck around $105,000.