Ibex 35 closes at 19,982 points, within reach of 20,000 as oil tumbles on US-Iran talks
The Spanish benchmark rose 1.01% to 19,982.6 points on Monday after Brent crude slid 5-6% to around $83 a barrel, buoyed by Donald Trump’s announcement that he had halted a planned attack on Iran and that Gulf allies believe a deal to reopen the Strait of Hormuz is imminent.
Record close
The Ibex 35 ended Monday’s session at 19,982.6 points, a gain of 1.01% that left the Spanish benchmark just 17.4 points short of the 20,000 level it has never reached. The advance extends a rally that has lifted the index more than 15% since the start of the year. Other major European gauges also hit all-time highs: the pan-European Stoxx 600, Germany’s DAX (up 1.45%) and France’s CAC 40 (up 1.22%) all climbed, while Milan’s FTSE MIB added 1.34%. Only London’s FTSE 100 bucked the trend, slipping 0.10%.
Oil slide and Trump’s announcement
The session’s catalyst was a sharp drop in crude prices. Brent for October delivery fell 5-6% to around $83 a barrel, retreating from the $90 level it had touched on Friday. The move came after US president Donald Trump told reporters aboard Air Force One that he had called off a planned attack on Iran because Saudi Arabia, the United Arab Emirates and Qatar asked him to, believing a deal to reopen the Strait of Hormuz was within reach.
We were ready, but the allies asked that it be cancelled. The reason they asked is because they believe an agreement can be reached on (the Strait of) Hormuz.
Trump described the halted operation as “the largest since World War II” and said Saudi Arabia now considers an accord “imminent”, one that would ultimately lead to Iran’s denuclearisation. Iran, however, pushed back. A foreign ministry spokesman said no new mediator had been added to existing channels and that foreign minister Abbas Araqchi was travelling to Arbaeen, denying that negotiations were under way.
- Brent crude closes above $90 a barrel
- Trump announces halt to attack on Iran, says Gulf allies believe Hormuz deal is imminent
- Ibex 35 reaches 19,929 points; Brent slides 5-6% to around $83
- Ibex 35 closes at 19,982.6 points, up 1.01%
Stock movers
Steelmaker Acerinox led the Ibex 35 with a 3.80% jump, followed by travel-tech firm Amadeus (+3.71%), defence and IT group Indra (+3.13%), retailer Inditex (+2.34%), Telefónica (+2.23%) and Banco Santander (+2.01%). On the losing side, renewable energy and infrastructure stocks bore the brunt: Acciona fell 3.10%, Solaria dropped 2.88%, Merlin Properties lost 2.06%, Acciona Energía declined 1.66% and Sacyr gave up 1.57%.
- Acerinox
- 3.8 %
- Amadeus
- 3.71 %
- Indra
- 3.13 %
- Inditex
- 2.34 %
- Telefónica
- 2.23 %
- Santander
- 2.01 %
- Acciona
- -3.1 %
- Solaria
- -2.88 %
- Merlin
- -2.06 %
- Acciona Energía
- -1.66 %
- Sacyr
- -1.57 %
Javier Cabrera, an analyst at XTB, noted that the European rally was broad-based and that Renault stood out after strong French car registration data for July.
Broader market context
While European equities surged, Asian markets struggled. South Korea’s Kospi sank more than 5% as investors took profits in technology shares, and Japan’s Nikkei fell 0.9%, weighed down by exporters. Separately, Japan and the United States agreed on joint intervention to stem the yen’s decline after the currency hit 40-year lows, its first such coordinated action since 1998. The euro also weakened against the dollar.
Underpinning the equity optimism are robust corporate earnings. Analysts cited by El País estimate that US profits could grow more than 30% this quarter. Still, unease is building around the vast sums flowing into artificial intelligence, with investors increasingly reluctant to keep funding projects without a clearer picture of the returns. Renta 4 analysts cautioned that the risk of a broader conflict in the Gulf has not disappeared, even as the day’s diplomacy calmed energy markets.
