Ibex 35 drops below 19,600 as oil climbs and tech stocks falter

Spain’s main stock index fell sharply over three trading sessions. On Monday the Ibex 35 slipped 0.26% to around 19,800 points, staying just above historic levels while oil prices hovered near $72 a barrel. The same day ING announced a 40% stake in Singular Bank and the French defence group Thales disclosed a deal to acquire a 35.5% stake in Exail Technologies.

On Tuesday the index closed down 0.22% below 19,700 points, dragged by a 7% plunge in South Korean chipmaker Samsung after weak earnings, which sparked a broader tech sell‑off across European markets.

Wednesday saw the Ibex 35 tumble further, losing about 0.65% to 19,512 points and breaking the 19,600 barrier. The decline was linked to rising crude prices after heightened U.S.–Iran tensions in the Strait of Hormuz and to the U.S. Federal Reserve’s decision to keep interest rates unchanged. European peers such as the FTSE 100, DAX and CAC 40 also opened lower. The market remained attentive to macro data, Fed minutes and geopolitical developments.