The Spanish index falls by 0.27% weekly and stands at 19,033.10 points, weighed down by oil and debt. The Stock Exchange will open normally on the holiday Monday.
The Ibex 35 has closed the week at 19,033.10 points, with a cumulative drop of 0.27% between October 5 and 9, 2026, according to negocios.com. The Spanish index managed to recover the psychological barrier of 19,000 on Friday after two consecutive sessions of losses, although it could not avoid the negative weekly balance.
The week has been marked by strong volatility. On Monday, the index rose 1.12% to 19,299.70 points, and on Tuesday it extended the gains by 0.75% to 19,444.20 points. On Wednesday, it lost 1.68% and on Thursday it fell another 0.99% to 18,928.90 points. On Friday, it rebounded 0.55%, enough to close above 19,000.
Between the closing high on Tuesday and the intraday low on Thursday, at 18,821.90 points, the market recorded a difference of over 620 points.
The rising cost of oil, geopolitical tensions, and doubts about interest rates threaten to prolong volatility.
The price of Brent ended the week around $104, influenced by tensions in the Middle East and risks to international supply. Persistently high oil prices raise transportation, production, and distribution costs, pressure corporate margins, and complicate price moderation.
For the Ibex, the impact is uneven: energy companies may partially benefit from rising crude prices, while industrial firms, airlines, and other energy-intensive businesses face additional pressure on their costs.
Fixed income has also influenced stock market behaviour. The yield on the ten-year U.S. bond exceeded 5.3% during the week, reflecting concerns about inflation and monetary outlooks. In Spain, the risk premium remained contained, around 61 basis points at Friday's close.
The banking sector will again be in the spotlight. Santander, BBVA, CaixaBank, Sabadell, and Bankinter have a significant weight in the index. High rates may benefit the financial income of these entities, but they also increase the risks of default, financing costs, and economic slowdown.
Attention will also shift to the United States, where JPMorgan, Wells Fargo, and Goldman Sachs will present their quarterly results. Their figures will allow for an assessment of the resilience of the financial business in a more challenging monetary environment.
The main peculiarity of the upcoming week will be the calendar. On Monday, October 12, 2026, the National Day of Spain is celebrated, a non-working day for much of the economic activity. However, Bolsas y Mercados Españoles does not include October 12 among the non-working stock market days of 2026, so the Ibex will trade at its usual hours, between 9:00 and 17:30, with the corresponding closing auction.
This fact is relevant because some investors might confuse the public holiday with a market closure. The session could register different participation from the usual, although that does not necessarily imply lower volume or a specific direction of the quotes.
The week from October 12 to 16 will have several decisive economic references. On Wednesday the 14th, inflation data for September will be published in Spain and the United States. In the Spanish case, the preliminary estimate points to an annual CPI of 4.9%, while for the United States, forecasts collected by CaixaBank Research place inflation at 3.6%.
A reading above expectations could increase doubts about future decisions by the Federal Reserve and the European Central Bank. Conversely, any favourable surprise would help moderate pressure on bonds and could boost the stock markets. On Friday the 16th, eurozone inflation will provide another reference to assess price developments.
From a technical standpoint, 19,000 points represent the main immediate reference for the Ibex 35. Its recovery at Friday's close leaves that level as a key support for the upcoming sessions.
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