Spain’s IBEX 35 Suffers Worst Week in Four Years on BME as Oil Shock Bites
Spain’s IBEX 35 notched its steepest weekly drop since 2020, with Bolsas y Mercados Españoles showing the blue-chip index at 17,074.40 on Friday—down roughly 7% from last week’s close at 18,360.8. A surge in oil prices fueled inflation jitters, and traders dumped risk, putting heavy pressure on one of Europe’s more resilient markets, according to Reuters/LSEG data. This shift is notable. Madrid’s IBEX, after all, had already pushed past its 2007 high back in October and, as of March 5, was still showing a gain of over 30% from a year ago—performance fueled by its heavy banking sector and Spain’s relatively strong local economy.