FX.co ★ IBEX 35 Rises Despite Fresh Political Uncertainty

Spain’s IBEX 35 index climbed to around 19,160 on Monday, showing resilience despite renewed domestic political uncertainty. Prime Minister Pedro Sánchez called an early general election for November 29 after Congress rejected two housing decrees, a decision that followed a weekend of mass protests over worsening housing affordability.

The index also drew support from lower oil prices and easing pressures in bond markets. On the macroeconomic front, Spain’s services PMI rose to 58.3 in September from 57.8 in August, matching July’s three-and-a-half-year high. However, firms reported mounting cost pressures and a deterioration in business sentiment.

At the stock level, Merlin Properties advanced 3.22%, while Banco Santander gained 1.88% and Telefónica added 1.54%. In contrast, Acciona dropped 2.43%, ArcelorMittal declined 2.30%, and Enagás slipped 1.86%.