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Ibex 35 plunges 6% on 'Black Monday' amid global market turmoil
Spain’s benchmark index was dragged down by heavy losses in Asia and ongoing US tariff war
Spain’s Ibex 35 faced a punishing start to the week, plunging by 6% shortly after Monday’s opening bell, falling to 11,672.8 points. The slump followed a dismal Friday, April 4, when the index dropped 5.83% to 12,422 points – marking its steepest decline in five years.
The sharp losses came in the wake of a global market rout triggered by a worsening tariff dispute led by US President Donald Trump. Asian markets were particularly hard hit, setting the tone for European trading. Tokyo’s Nikkei 225 tumbled nearly 8%, while Hong Kong’s Hang Seng plummeted by 12.5%, reflecting heightened investor anxiety.
In related news: Spain cosies up to China to soften blow of US tariffs
Monday’s early trading saw the Ibex 35 open with a 4.5% drop to 11,860.7 points before extending losses further. The index’s downward spiral was broad-based, with nearly all listed companies in negative territory. The steepest falls were seen in financials, notably Banco Sabadell and Unicaja Banco, which lost 10.97% and 10.56% respectively. Only a few stocks showed resilience – Acciona gained 1.31% and Red Eléctrica posted a relatively mild decline of 1.17%.
The broader European market was also dragged into the downturn. Frankfurt’s DAX shed 7.69%, Milan’s FTSE MIB fell 7.14%, London’s FTSE 100 lost 4.73% and the CAC 40 in Paris declined by 2.55%.
The turbulence follows Wall Street’s poor performance at the end of last week. The Dow Jones Industrial Average closed down 5.5%, the Nasdaq fell 5.82%, and the S&P 500 dropped 5.97%. With US markets yet to open on Monday, European investors are bracing for more volatility.
In parallel, oil prices continued their decline. Brent crude, the European benchmark, dropped by 3.63% to $63.20 per barrel, while West Texas Intermediate fell 3.81% to $59.63. Meanwhile, the euro traded at 1.1007 dollars, and yields on Spanish 10-year government bonds rose to 3.254%.
Against this backdrop, EU trade ministers are meeting to define a unified response to Washington’s tariff measures. Although trade policy is officially the remit of the European Commission, member states are eager to present a united front as they weigh possible countermeasures, despite differences over how quickly and forcefully to act.
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