Madrid, Feb 22, 2026, 08:45 CET — The market is closed.
- The IBEX 35 in Spain wrapped up at 18,186 points, capping its best week since November.
- Results and strategy updates from Endesa and Iberdrola put utilities in the spotlight.
- Spain’s flash inflation numbers are out, and with the ECB calendar stacked, traders might have to rethink their rate wagers.
Spain’s IBEX 35 closed Friday at 18,186 points, up 0.94% for the session, MEFF figures show. Cinco Días noted the benchmark posted a 2.9% weekly gain—its strongest stretch since November.
The surge is significant, with the next move expected to hinge on a handful of factors—utilities guidance, inflation data, and what happens with rates. Madrid’s market leans on power stocks and banks; both sectors tend to shift quickly alongside bond yield changes.
Europe’s STOXX 600 wrapped up at a record high, after a U.S. Supreme Court move struck down President Donald Trump’s broad tariffs and nudged risk sentiment higher into the weekend, Reuters reported. IG’s Chris Beauchamp described the court’s decision as “a mixed blessing,” arguing it would only fuel uncertainty and warning that Trump might look for alternative ways to bring back tariffs. Banks came out strong among European sectors this week. Energy shares, meanwhile, slipped on Friday, oil prices hanging just under six-month peaks, according to the report. Reuters
Repsol is dialing back its ambitions in Madrid. The Spanish company now targets just over 10 gigawatts of renewables by 2030—a sharp cut from the 20 GW it mapped out back in 2021. Rising development and financing costs, along with shifting U.S. tax incentives, are forcing a rethink on capital allocation. “We will modulate medium-term goals,” CEO Josu Jon Imaz said, though he emphasized the long-term plans remain untouched. Repsol’s shares finished Friday at 18.30 euros, up 0.88%, based on Investing.com data. Reuters
Endesa kicks things off for the large utilities group. The company announced plans to release its 2025 results and roll out a refreshed 2026–2028 strategic plan on Feb. 24, with the event set for 09:30 CET.
Iberdrola is up next, set to unveil its 2025 results on Wednesday, Feb. 25, with the presentation scheduled for 09:30 in Madrid, a notice on its website shows.
Aena is on the calendar too. The airport operator, in a filing out of Madrid, scheduled its full-year 2025 results call for Feb. 25, set to kick off at 1:00 p.m. local time.
Another swing factor: macro. Spain’s INE plans to release its “advance” read on consumer prices—a first look at inflation—on Feb. 27, according to its calendar. Instituto Nacional de Estadística
The ECB doesn’t always fade into the background. Christine Lagarde, the central bank’s president, keeps tamping down speculation about leaving early—telling the Wall Street Journal her “baseline is that it will take until the end of my term” in October 2027. Oxford Economics, weighing in, called the situation a reminder that central bank leadership is “a matter for high politics.” According to the ECB’s schedule, Lagarde is slated to speak at the Brussels Economic Forum on Feb. 23 at 18:30 CET. Reuters
This week’s setup isn’t all upside. If tariff jitters come roaring back or inflation runs hotter than expected, utilities—already feeling rate pressure—could take another hit. On top of that, oil’s been hovering near its highs; a sudden move there could rattle an index balancing energy, tourism, and transport names.
