Iran plans to charge oil tariffs in yuan or cryptocurrencies, potentially shifting global financial flows.
1. Radio InterEconomía's Cierre de Mercados program covers the market close of April 10, 2026, anchored by hosts and multiple analyst guests.
2. Regular contributors include Ignacio Cantos from ATL Capital, Antonio Castelo from Day Broker, Manuel Pinto from XTB, Gerardo Ortega, Javier Alfayate from Grupo Link, and analyst Diego Barnuevo from Buri.
3. The core question running through the episode is how investors should allocate capital in an environment where growth is decelerating while inflation remains elevated — a near-stagflation scenario.
4. The IBEX 35 closed at 18,204 points on Friday, gaining 0.55% on the day, marking the index's third consecutive positive week.
5. The best IBEX performer was BBVA, up 2.58% to 19.7 euros, alongside ArcelorMittal, which rose 2.56%, while Repsol was the worst performer, falling 5.76% to 21.6 euros.
6. In the United States, the S&P 500 and Nasdaq had chained seven consecutive sessions of gains following a positive March inflation data print, though operators maintained bets that the Federal Reserve would keep interest rates unchanged.
7. FED San Francisco president Mary Daly stated that the oil crisis caused by the Iran war would extend the timeline for inflation to return to the 2% target.
8. Ignacio Cantos from ATL Capital argued that the current environment is closer to low growth than full stagflation, citing world GDP growth of around 3% and European growth near 1%, which he framed as improvement versus recent near-zero or negative periods.
9. The historical benchmark invoked for a stagflation scenario is the Dow Jones' return of just 0.05% across the entire decade from 1970 to 1980, described as one of the worst decades in its history.
10. Experts including Joan Esteve from Caja Ingenieros Gestión recommended sectors including utilities, basic consumption, and healthcare as most defensive in low-growth, high-inflation conditions, while value sectors with significant fixed assets were also highlighted.
11. Iran's proposed tariff system on Strait of Hormuz traffic would charge approximately $1 per barrel, payable in Chinese yuan or cryptocurrencies, and could generate more than $100 billion annually for Iran.
12. Analyst Diego Barnuevo of Buri explained that payment in yuan would reduce demand for dollars in oil transactions and could produce second-order effects including central bank reserve diversification away from dollars toward euros and gold.
13. The petrodollar mechanism — whereby Gulf states receive dollar oil revenues and recycle them into US sovereign bonds, enabling the US to finance its deficit cheaply — was described as the specific vulnerability that Iran's initiative targets.
14. Russia has already used cryptocurrencies to avoid Western financial sanctions since the start of the Ukraine war in February 2022, providing a precedent for Iran's proposed approach.
15. China created yuan-denominated oil futures contracts on the Shanghai International Energy Exchange in 2018, a step toward an energy market partially disconnected from the dollar that Iran's proposal would extend.
16. BlackRock is launching the iShares Nasdaq 100 ETF, its first US product directly replicating the Nasdaq 100 index, competing head-to-head with Invesco's Triple Q Trust, one of the world's largest ETFs by assets under management.
17. Invesco shares fell on the BlackRock announcement, and analysts noted that the primary competitive front would be commissions, where BlackRock's scale gives it the ability to undercut aggressively.
18. The episode alternates between macro-level analysis segments and a stock-by-stock review of all IBEX 35 components, with brief technical and fundamental commentary from multiple analysts.
19. Investors focused on Spanish equities, European macro strategy, and geopolitical energy risk would find this episode directly relevant.
20. Listeners seeking entertainment-driven content or non-financial topics would not find this episode useful.
