Spain’s IBEX 35 Strongest European Bourse in May, closes Up 3% for the Month

The Spanish Blue Chip stock index, the IBEX 35 closed down almost 0.9 percent Tuesday, but still closed positive for May. The IBEX 35 closed up 3 percent for the month. Stocks fell Tuesday after Inflation in the Eurozone accelerated to 8.1% in May from 7.4% in April, beating expectations for 7.7%. The IBEX in 2021 was up 7.9% in 2021, the worse performing European stock market. in 2022 we are seeing an improvement in the relative performance.

IBEX May 2022

Inflation concerns for Spain

Spanish 12-month inflation resumed its upward path in May after a dip in April as prices other than energy and food rose at their fastest pace in two decades, preliminary data from the National Statistics Institute (INE) showed on Monday.

Spanish annual inflation accelerated to 8.7% in May, up from 8.3% the previous month, INE said. Twelve-month inflation stood at 9.8% in March, its highest level since 1985.

German and Spanish Inflation Soar to Records with Consumer Sentiment at All Time Lows Ahead of ECB Meeting

How European and UK Largest Caps Fared in May

European equity close: Last day of month of May

Tuesday, 31/05/2022

  • Stoxx 600 -0.9%
  • German DAX -1.4%
  • UK FTSE 100 -0.1%
  • French CAC -1.6%
  • Italy MIB -1.2%
  • Spain IBEX -0.9%

On the month:

  • Stoxx 600 -1.6%
  • German DAX +2.1%
  • UK FTSE 100 +0.8%
  • French CAC -1.0%
  • Italy MIB +1.1%
  • Spain IBEX +3.0%

The euro gained 1.7% in the month and the pound 0.2%.

The S&P 500 is on track for a 0.2% decline this month at the European markets close.


In May the EURUSD reversed off the bottom outer channel closing at $1.07356, reversing the lowest closing rate since 2017 two weeks ago. Euro continues to correct in what seems like eternal flags in the channel. We watch if Kijun (pink) testing Tenkan (orange) creates any impulse as EURUSD develops in the channel. Watch 3 waves to see development for continuation. Watch also for impulse off Chikou rebalance. Again, governed by EURGBP and Bund volatility.

Read More: Forex Weekly Outlook – The US Dollar Continues Pullback with Risk-On Flows

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