Ibex 35 hits record highs as Santander briefly overtakes Inditex

The Ibex 35 surged 3.1% over the week to Friday, 19 June 2026, marking its strongest performance since April, but gains stalled on Thursday as oil briefly touched $80 a barrel and geopolitical tensions between the United States and Iran resurfaced. The benchmark index closed near record highs, though turnover slowed ahead of the US market holiday on Friday. In Brussels, Belgian chemicals giant Umicore led losses on the Euronext Brussels index, falling 3.79% as broader European equities ended the session without momentum.

Santander temporarily overtook Inditex to become the most valuable company on the Ibex by market capitalisation on Thursday, a shift that underscores the shifting balance of power within Spain’s blue-chip index. The bank’s provisional lead lasted less than 24 hours, but it highlights the growing investor appetite for financials over consumer-facing stocks. The broader Spanish market, however, remained cautious, with the Ibex’s advance capped by the surge in Brent crude prices and renewed diplomatic friction in the Middle East.

Across the eurozone, Milan’s FTSE MIB outperformed its peers, breaching 53,000 points in a holiday-shortened session that excluded Wall Street. The Italian benchmark’s resilience contrasted with the more subdued trading in Brussels, where Umicore’s decline weighed on the BEL 20. The company’s drop followed a week of volatility in European materials and tech sectors, where questions persist over regulatory scrutiny and valuation levels.

In Greece, the Athens Exchange General Index extended its two-week winning streak, with turnover exceeding €450 million as portfolio rebalancing drove buying activity. ElvalHalcor led the advance with a double-digit rally linked to an upcoming capital increase, while construction and utility stocks such as Aktor, EYDAP, and ADMIE set fresh 17-year highs. The gains came despite broader European caution, suggesting a divergence in regional investor sentiment.

Meanwhile, US markets were closed for the Juneteenth holiday, leaving European equities to trade in a thin, holiday-influenced session. Analysts noted that the absence of Wall Street liquidity amplified intraday volatility, particularly in energy-linked equities. The Brent crude price, which had briefly approached $80, retreated from session highs as traders weighed the risk of supply disruptions against demand concerns. The geopolitical backdrop—marked by renewed tensions between Washington and Tehran—added to the cautious tone, even as European indices pushed higher on the week.

In the United States, former Federal Reserve governor Kevin Warsh cleared a key hurdle in his Senate confirmation process, but scrutiny over his stance on Big Tech’s market power intensified. The debate comes as US exchanges prepare for the launch of new prediction markets in collaboration with Charles Schwab and Cboe, a move that could reshape retail investor participation in derivatives trading.