The Spanish selective index opened at 19,395.6 points, with the session again influenced by Brent crude oil prices. These have dropped to below $78 per barrel, their lowest level since early March.
This decline in crude oil prices follows the confirmation of a memorandum of understanding signed between the United States and Iran, which initiates a 60-day period to negotiate the details of a final peace agreement between the two parties.
Brent crude, the European benchmark, was trading around $77.2 per barrel at the opening of European stock markets, representing a 2.9% decrease. Meanwhile, the West Texas Intermediate (WTI) crude barrel, the US benchmark, was trading at approximately $74.3, down 3.3%.
On the political front, the Prime Minister of Pakistan, Shehbaz Sharif, stated on social media that the memorandum signed by the US and Iran "will enter into force with immediate effect." According to his statements, the Islamic Republic of Iran will "immediately" reopen the Strait of Hormuz, while the US will "immediately lift the naval blockade."
In addition to developments in the Middle East, investors are also digesting the unanimous decision by the United States Federal Reserve (Fed) to maintain interest rates within the target range of 3.50% to 3.75%. This decision was made during the first meeting chaired by Kevin Warsh.
In the Spanish debt market, the Public Treasury will return to the markets this Thursday for its final issuance of state bonds and obligations for June, expecting to place between 5,000 and 6,000 million euros.
In the corporate sector, Telefónica will pay today the second installment of its 2025 dividend, amounting to 0.15 euros in cash per share, which represents an estimated disbursement of approximately 850.5 million euros for the company.
Furthermore, Laboratorios Farmacéuticos Rovi has approved at its general shareholders' meeting the distribution of a dividend of 49.2 million euros, representing 35% of its net profit. The company closed the 2025 fiscal year with a net profit of 140.4 million euros, a 3% increase from the previous year, and an EBITDA of 216.2 million, 4% higher than in 2024.
International Consolidated Airlines Group (IAG) is holding its general shareholders' meeting today, an event that will serve to showcase the airline group's financial recovery and approve a series of measures aimed at increasing shareholder returns.
At the start of the trading session, among the stocks with the largest gains was ACS, up 0.7% in the early minutes. It was followed by Endesa (+0.32%) and Indra (+0.28%). On the downside, Amadeus fell 1.8%, Arcelormittal 1.6%, and Puig 0.8%.
The other major European stock markets began the session with mixed results. Frankfurt gained 0.3%, while Paris fell 0.1% and London 0.6%. Milan, meanwhile, rose 0.2%.
Asian stock markets have reacted favorably to the signing of the memorandum of understanding between the US and Iran, moving mostly upwards. The Japanese Nikkei rose nearly 1.8%, the South Korean Kospi advanced 2.6%, and China's Shenzhen stock exchange gained just over 1%. The Hang Seng in Hong Kong was the exception, falling more than 2%.
In the currency market, the euro strengthened against the dollar, trading at 1.1522 greenbacks. The yield required on the Spanish ten-year bond rose to 3.354%.
