2023-07-09 16:58:42
In Spain there will be early parliamentary elections on July 23, 2023, whereby the prospects of a change in economic and financial policy are one of the reasons for the medium and long-term improvement in the technical situation on the Spanish stock market and in the standard value index there – the Ibex 35. After the elections, it remains to be seen whether the current leading opposition party, the conservative PP, which the polls are forecasting to gain significant votes, will form a government with the right-wing VOX party, or whether the currently governing Socialists in parliament will join the new left-wing alliance Sumar and others regional parties can organize a majority. In addition, the (key) interest rates that have risen in the euro area, which are also helping the Spanish banking sector, and the very successful business models of some Spanish Euro Stoxx 50 stocks are partly responsible for this improvement in the Ibex 35.
The Ibex 35, a price index that does not convert dividend payments into price increases, got underway on January 14, 1992, with the index base set at 3000 points as of December 31, 1989. This stock index is dominated by the financial, telecommunications and energy/utility sectors. It is therefore not surprising that the index has entered an overarching, long-term bear market since its all-time high of 16,040 (November 2007; in the run-up to the financial crisis). This consists of medium-term bearish and intermediate bullish trends. The 15-year bear market, which has led to pronounced relative weakness in the Spanish stock market in international comparison, was capped by a central bear trend (last seen at 9000).
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