Ibex 35 rises amid Spanish election call and Brazil vote results

The Ibex 35 index experienced significant volatility and growth following the announcement of general elections in Spain for November 29. The index rose by 1.12% in a single session, approaching the 19,300-point mark, driven largely by the banking and telecommunications sectors.

Major gains were led by Banco Santander, which rose over 4%, and Telefónica, which climbed approximately 3.3%. Other notable increases included Merlin Properties and Banco Sabadell. Conversely, renewable energy and infrastructure stocks like Solaria and Ferrovial saw declines.

Market performance was also influenced by the first round of presidential elections in Brazil. Spanish companies with high exposure to the Brazilian market, such as Santander and Telefónica, benefited from results showing Flavio Bolsonaro leading with 47.03% of the vote, a result that suggests a potential shift toward more conservative fiscal policies and deregulation.

Investors are closely monitoring potential regulatory changes following the Spanish elections. Analysts suggest that a change in government could impact tax treatments for banks and Socimis, as well as regulatory frameworks for renewable energy companies.