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Pedro Santa Cruz, director of Freedom24 Iberia (tied agent of Freedom Finance Europe Ltd. in Spain) sat down with Oninvest to discuss Spain's position as one of the fastest growing economies in the eurozone, the outlook for the IBEX 35 and where investors should be looking in a market shaped by inflation, expensive energy and geopolitical uncertainty. Goldman Sachs forecasts Spanish GDP growth of around 1.9% in 2026, almost double the eurozone average. 📈
On the country's economic standing, Pedro noted: "Spain has built up a larger margin of safety than most major eurozone economies. By the end of 2025, the country's GDP will have grown by 2.8%, compared with about 0.2% in Germany and 0.9% in France." When asked about defensive picks within the IBEX 35, he pointed to Iberdrola, Endesa and Enagás, explaining that the utilities sector and stable dividend companies look like the most logical segment in the current environment.
For portfolio construction through the end of 2026, Pedro recommended around 45 to 50% in equities with a focus on global ETFs and Spanish banks, utilities and defence, 25 to 30% in short-term government and corporate bonds, 10% in gold and commodity assets and 10 to 15% in cash to take advantage of drawdowns. On the index itself, he commented: "IBEX 35 remains in a strong long-term uptrend," with the baseline scenario being a move towards 19,000 points and a possible test of 20,000 if the main sectors stay positive. 💡
🔗 Read more in Oninvest