IBEX 35 macro outlook · updated 12 November 2026
Is the IBEX 35 bullish or bearish?
As of 12 November 2026, the IBEX 35 scores 42 out of 100 on the WatchTower Terminal macro composite, a bearish read. The IBEX 35 carries a Bearish macro bias, with a composite score of 42/100. A hawkish central bank stance is colliding with softening eurozone activity, as consumer demand weakens and labour market slack builds. Mixed trade data and geopolitical energy pressures add to the headwinds, leaving the index poorly supported on a macro basis.
Composite score
42
Bearish
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
Current drivers
- Tightening policy persists despite weakening growth signals
- Trade data mixed, with the overall balance missing forecasts
- Consumer demand deteriorating as retail activity falls sharply
- Unemployment edging higher while core inflation proves sticky
How this score is built
Published weights, not a black box.
Every index is scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level20%
- Earnings20%
- Bank research15%
- Seasonality15%
- Central bank15%
- Fundamentals15%
The rest of the board
Ranked strongest to weakest on the same scale.
Related free data
About IBEX 35
Is IBEX 35 bullish or bearish right now?
As of 12 November 2026, IBEX 35 carries a bearish macro read, scoring 42 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving IBEX 35?
Current drivers include: Tightening policy persists despite weakening growth signals; Trade data mixed, with the overall balance missing forecasts; Consumer demand deteriorating as retail activity falls sharply; Unemployment edging higher while core inflation proves sticky.
How is the IBEX 35 macro score calculated?
Equity indices run on their own published weights: cot level 20%, earnings 20%, bank research 15%, seasonality 15%, central bank 15%, fundamentals 15%, re-weighted over the inputs an index actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track IBEX 35 in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live IBEX 35 score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.