In 2023, the IBEX 35 (ES35) experienced a remarkable year, marking a 23% gain, its most positive annual performance since 2009, thanks to its hefty exposure to the financial services sector. During the period, only seven companies out of the 35 index composites recorded a decline, highlighting the overall strength of the market.
On Jan. 2nd Tuesday, the IBEX 35 experienced a boost, reaching 10,182 and initiating the year 2024 on a positive note. This upward trend defied the prevalent negative sentiment in most European markets. Investors absorbed recent PMI data and maintained their confidence in the anticipation of monetary easing from prominent central banks. Additionally, Spain’s annual inflation rate slowed to 3.1% in December from 3.2% in November, undershooting market forecasts of a 3.4% rise. However, the HCOB Spain Manufacturing PMI showed a slight decline, dropping to 46.2 in December 2023 from November’s 46.3. This outcome fell short of the projected 47 and indicated ongoing fragility in the sector. On the cooperate front, Grifols, S.A. announced a strategic partnership and share purchase deal with China’s Haier Group to sell a 20% stake in Shanghai RAAS for around $1.8 billion.
(IBEX 35 One-year Chart)
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