Ibex 35 slides as Santander overtakes Inditex for market‑cap lead

Spain’s Ibex 35 fell between 0.1% and 0.2% on Thursday‑Friday, slipping below the 19,400‑point threshold as investors digested the U.S.–Iran memorandum of understanding, the Federal Reserve’s decision to keep rates steady and a drop in Brent crude to around $77‑$80 a barrel. The decline occurred during the market’s second “quadruple‑witching hour,” a session that typically raises volatility.

In parallel, Banco Santander’s market capitalisation rose to €175.9 billion, edging out fashion group Inditex at €174.4 billion. The shift makes Santander Spain’s most valuable listed firm for the first time since 2018 and reflects a broader rally in banking shares, supported by higher European‑banking profits and a still‑attractive interest‑rate environment. Inditex, meanwhile, saw its share price dip about 1½% and its capitalisation fall to €173.7 billion.

Other Ibex components showed mixed moves: Acciona Energía and Repsol posted modest gains, while IAG and ArcelorMittal declined. CaixaBank reported a 20.29% execution of its €500 million share‑buy‑back programme. The broader European market was mixed, with Frankfurt and Paris modestly up and London down, while oil prices remained constrained pending the full reopening of the Strait of Hormuz.