Spain’s IBEX 35 index hovered near record highs around 17,315 in the final session of 2025 and is set to finish the year with a nearly 50% gain, a milestone not seen since 1993. This performance makes it Europe’s top-performing major market, supported by a strong earnings outlook. Banks powered much of the rally, contributing almost 70% of the gains amid robust earnings, attractive payouts, improving economic prospects, and sector consolidation. The market also drew support from solid performance in European defense stocks, as Europe accelerates rearmament, as Russia continues and intensifies its war against Ukraine. Spanish equities further benefited from their relatively low exposure to US markets and tariffs, alongside strong economic fundamentals, including low unemployment and benign inflation, which prompted credit-rating upgrades.
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