The Ibex 35 Opens with a 0.6% Rise Following Trump's Tariff Setback

The Ibex 35 commenced Thursday's session with a 0.6% increase, bringing the Madrid benchmark to 14,185.1 points at 9:00 AM, following a ruling by a

United States tribunal

that deemed the global tariffs pushed by the Trump Administration as "illegal" and halted them.

Specifically, a U.S. federal court has ordered the suspension of most of President Donald Trump's global tariffs, ruling that he overstepped his authority when implementing this measure—declared "illegal"—in early April by bypassing Congress. This decision also impacts tariffs applied to China, Mexico, and Canada to combat the entry of fentanyl and migrants into the country.

In this context, the magnate

Elon Musk

announced that his tenure as a "special government employee" under Donald Trump, where he heads the Department of Government Efficiency (DOGE), "is coming to an end," just a day after expressing his "disappointment" with the U.S. president's tax reform project, deeming it insufficient and a threat to his role in the controversial department.

In the business sector, marked by the end of the earnings season, U.S. microprocessor and graphics card manufacturer Nvidia reported after the European stock market closed that it achieved a net profit of $18.775 billion (€16.531 billion) in its first fiscal quarter, covering February to April, marking a 26.2% increase in earnings compared to the same period last year.

From Spain, the National Securities Market Commission (CNMV) has authorized the partial voluntary public acquisition offer (OPA) of shares presented by Naturgy on its own shares to acquire up to 9.08% of its capital, aiming to improve its 'free-float'.

Additionally, Elecnor's general shareholders' meeting approved the distribution of €265 million through a supplementary dividend of €3.05 per share, payable in cash on June 11, as reported by the company on Thursday.

At the start of the session, the biggest gains within the Ibex 35 were recorded by Acerinox, which rose 1.9% at the opening, IAG (+1.84%), and BBVA (+1.47%), while the most notable declines were seen by Redeia (-0.72%) and Iberdrola (-0.56%).

Major European stock markets also opened in 'green', with increases of 0.94% for Paris, 0.77% for Frankfurt, 0.51% for Milan, and 0.32% for London.

At the opening of the stock market, the price of a barrel of Brent crude oil, a benchmark for the Old Continent, stood at $65.36, up 1.62%, while Texas crude rose 1.78% to $62.94.

In the currency market, the euro's exchange rate against the dollar was at 1.1269 "greenbacks", while in the debt market, the yield on the 10-year bond climbed to 3.179%.