He Ibex 35 You are living a very volatile day. After rising strongly in the pre-opening, the selective fell moderately at the beginning of the day and is now trying to find a direction. At the moment, it is up around 0.3% and is close to 19,500 points, somewhat lagging behind the rest of the European stock markets. This, on a day marked entirely by the presentation of the results until June of important Spanish companies. This is the case, for example, of Bank Santander. The Cantabrian entity obtained a record ordinary profit of 7,328 million euros in the first half of 2026, 15% more than in the same period of the previous year. Revenues increased by 6%, to 30,847 million euros, supported by an interest margin of 22,711 million euros (+7%) and fee income of 6,851 million euros (+9%). The company also has reiterated all its objectives for 2026. These include mid-single-digit revenue growth and declining costs in constant euros; a profit greater than the 14,101 million euros obtained in 2025 and a CET1 ratio of between 12.8% and 13%.
Iberdrola It has been the other big Spanish name to announce its results. The energy company has obtained a reported net profit of 4,336.4 million euros between January and June 2026, 21.7% more than the 3,562.2 million registered in the same period of the previous year, as reported by the company to the National Securities Market Commission (CNMV). Investments in networks grow by 42%, to nearly 4,400 million and represent two thirds of the total investment. In addition, Iberdrola has reaffirmed the outlook for 2026, which includes growth of more than 8% in adjusted net profit; greater network assets (especially in transportation) with better rates and an additional 2,100 MW of generation. The accounts of Enagaswhich has seen its after-tax profit decline to 118.6 million euros, 8.6% less than the 129.8 million reached between January and June of last year. Without taking into account asset turnover, profit has decreased by 27.9%, to 126.9 million. However, the company has indicated that these profits are in line with what was expected to achieve the annual objective of 235 million euros. On the other hand, the manager of the Spanish gas system has reached an agreement to acquire from Osaka Gas its 20% stake in the Saggas regasification plant, in Sagunto (Valencia), for 31 million euros. After the operation, Enagás will have 92.5% of the shareholding of this key infrastructure in the security of supply in the Mediterranean arc, and Oman Oil Holdings Spain maintains the remaining 7.5%. For its part, Naturgy has closed the first half of 2026 with a net profit of 1,215 million euros6% more than in the same period of the previous year, in a complex international context marked by geopolitical uncertainty and its special impact on the energy market. For this reason, the company has raised its forecasts for the full year.
Metrovacesa has been another of the companies that has published its results until June, which show a drop in net profit to 17.8 million euros, almost 70% less than the 56.8 million achieved a year ago. During the first six months of the year, Metrovacesa delivered 809 homes, compared to 423 in the same period of 2025, which allowed income to increase to 315.8 million euros, 138% more than a year before.
TECHNOLOGICAL: GOOGLE AND TESLA
While a multitude of accounts are known in Europe, analysts and investors do not lose sight of the US market, since today their eyes are on two of the members of the so-called «Magnificent Seven» who will have to confess to the markets: Alphabet and tesla. These figures are especially relevant at a time when The artificial intelligence (AI) rally seems lower in question than ever. The volatility of numerous stocks linked to this technology, especially those of chip and memory manufacturers, has revived market fears that these companies will not be able to make their monstrous investments profitable. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, states that the stock market movements of these companies «they determine the direction of the market more than any macroeconomic event»such as geopolitical tensions or rising inflation expectations. Despite this, several pieces of information have improved the mood of investors in recent hours, such as AMD’s announcement of the launch of its first AI system in ‘rack’ format – a cabinet with thousands of chips and software to train AI – to compete with Nvidia’s Blackwell and Vera Rubin platforms, the 8% cut in staff and the collaboration with Intel’s Fortinet or the shipment of Nvidia’s most recent chips to its customers. «Overall, it has been a good opportunity for investors to buy stocks in the sector taking advantage of the recent correction. But it is impossible to say that this correction has ended«, notes Ozkardeskaya, «If big technology maintains its investment plans, buying on dips could continue. However, if big tech companies, which are channeling their free cash flow to chipmakers while facing higher financing costs, show signs of slowing the pace of spending, a new wave of sales could be unleashed in the semiconductor sector.» In this sense, Alphabet has already committed to investing between 180,000 and 190,000 million dollars in capital spending this year, almost double that of last year. Microsoft and Amazon plan to spend similar amounts, Meta has committed between $125 billion and $145 billion, Tesla around $25 billion, while Apple is expected to invest approximately $14 billion. Some analysts believe that Big Tech’s total spending on capital investment could reach between $800 billion and $1 trillion this year. However, recent reports indicate that tesladespite having budgeted $25 billion for capital investment, It has only spent about 2.5 billion so farwhen more than half of the year has already passed. This, Ozkardeskaya notes, raises questions about possible «under-execution of spending» on AI, autonomous driving and humanoid robots, precisely the projects that continue to underpin Tesla’s valuation, as its auto business remains pressured by Elon Musk’s political controversies and growing competition from Chinese electric vehicle makers.
MIDDLE EAST
Meanwhile, Tension in the Middle East continues to rise. The Secretary of State of the United States, Frame Blondaccused Iran this Wednesday of not respecting the agreement regarding the Strait of Hormuzwhile reiterating that Washington remains «committed to diplomacy» in the Middle East. His statements come after the United States Central Command (CENTCOM) carried out the eleventh consecutive night of attacks against Iranian targetswith the goal of «further degrading Iran’s ability to threaten commercial shipping in the Strait of Hormuz.» CENTCOM reported that the attacks hit military operations centers, drone storage facilities and military logistics infrastructure. Rubio accused Tehran of «not taking talks with the United States seriously» and that, if they do not do so, «we will do whatever is necessary to protect our interests and also those of our allies.» The US Secretary of State added that one of the main points of disagreement between Tehran and Washington is that Iran «claims the right» to control maritime traffic in the Strait of Hormuz, a right that, according to Rubio, does not correspond to it under international law. Iran interpreted the memorandum of understanding signed with the US as a recognition of a role for Tehran in the administration of maritime traffic through the strait and of the possibility of charging for maritime services once the initial 60-day period has elapsed. Instead, the United States maintained that the sea route should remain open without mandatory fees or restrictions imposed by Iran. These events have once again increased the prices of oil. He Brent comfortably exceeds 90 dollars per barrel (+3%, 93.9 dollars), while the West Texas It reaches 87 dollars after appreciating 3.5%.
OTHER MARKETS
In other markets, the euro appreciates against the dollar (+0.08%, $1.1407). Attention to yen Japanese, which exceeds the barrier of 163 dollars and increases the risk of monetary intervention. He gold rises 1.4%, to $4,136, and the silver It advances 1.5%, up to 60 dollars. The performance of US 10-year bond remains at 4.62%. Cryptocurrencies fall moderately and the bitcoin loses the $66,000.
