Ibex 35 Falls to 17,544 Points in a Turbulent Week Influenced by Trump’s Developments
Madrid, January 23, 2026 – The Spanish stock market index, Ibex 35, closed this week on a negative note, falling to 17,544.40 points after a turbulent and volatile period marked largely by international political tensions driven by statements and actions from U.S. President Donald Trump. The market’s erratic behavior has been shaped by geopolitical concerns, primarily revolving around Greenland and Iran.
Market Performance and Key Movers
On Friday, the Ibex 35 dropped by 0.67%, ending the trading session with notable declines in several key companies. Among the most heavily impacted were Mapfre, which fell by 2.40%, Acerinox down 2.38%, and IAG (Iberia), with a 2.35% loss. Conversely, some companies managed to buck the negative trend. Solaria stood out with a substantial gain of 3.37%, followed by Amadeus, which advanced 2.12%.
The overall weekly performance showed the Ibex 35 declining by 0.94%, moving away from the previous week’s historic highs near 17,710 points. This drop comes amidst renewed market uncertainty spurred by Trump’s provocative rhetoric and evolving international dynamics.
Geopolitical Context: From Greenland to Iran
The week began with heightened tensions around Greenland, involving threatened tariffs and diplomatic frictions. However, these concerns somewhat eased following a framework agreement between the U.S. and NATO partners. Attention has now shifted to Iran, one of the world’s major oil producers, where fears of a potential U.S. military strike have injected fresh volatility into the markets.
Sector Highlights and Corporate News
Telefónica was a rarity in Friday’s down market, enjoying two consecutive sessions of gains, which technical analyst Álvaro Nieto suggests may herald a recovery phase after a challenging period since the release of their new strategic plan in late 2025. Among corporate news, Cellnex took a strategic step by completing the sale of its Towerlink France data center business to Vauban Infra Fibre (VIF) for 391 million euros. The company views this divestiture as a vital move to concentrate on its core activities.
Meanwhile, Kintbury Capital increased its short position in Grifols to 1% of the company’s capital—the highest level recorded to date. The Millennium fund maintained its active position at 0.59%, unchanged since November 2025. CaixaBank has been active in its share repurchase program, executing nearly 32% of the planned buybacks worth up to 500 million euros within just over two months. So far, the bank has acquired more than 15.6 million shares for approximately 160 million euros.
Analyst Recommendations and Stock Outlook
Goldman Sachs raised price targets for two Ibex 35 real estate investment trusts (socimis)—Merlin Properties and Inmobiliaria Colonial. Out of these, Merlin Properties is considered a buy opportunity with an estimated 20% upside potential.
Redeia (REE) faced a downturn hitting a two-year low, complicated by Jefferies’ significant cut to its price target. ODDO BHF updated their assessments for Acerinox and Bankinter, upgrading target prices for both but emphasizing continued growth prospects in steel while advising caution in the banking sector after its strong 2025 rally.
Additionally, Barclays lifted Inditex’s price target to 55 euros per share, up from 47.5 euros, though current price levels leave little upside potential.
Macroeconomic Indicators: Eurozone and U.S. PMI Data
The day’s macroeconomic focus was on the Purchasing Managers’ Index (PMI) data for both the eurozone and U.S., indicating ongoing expansion in the private sector but with modest momentum. The eurozone’s composite PMI remained steady at 51.5 points, reflecting a “rather lackluster” start to 2026. Germany showed signs of improvement, while France’s activity contracted again.
The services sector PMI for the eurozone decreased slightly to 51.9 from 52.4 in December 2025, signaling a softer pace of growth, while manufacturing activity showed stability.
Summary: The Ibex 35 ended a challenging week influenced strongly by U.S. political developments and geopolitical uncertainties, finishing below 17,550 points. Investors reacted to a combination of Sanctions, military concerns regarding Iran, and fluctuating corporate performances. Analysts offered mixed views, with cautious optimism for select companies and continued vigilance amid geopolitical risks.