Madrid, Feb 21, 2026, 08:45 CET — The market remains closed.
Spain’s IBEX 35 closed out Friday at 18,186, up 0.94%. Global stocks pushed higher after the U.S. Supreme Court struck down President Donald Trump’s sweeping tariffs.
BME, Spain’s exchange operator, was acquired by Switzerland’s SIX Group back in 2020, taking its shares off the market. With that, the IBEX 35 is left carrying the weight as Madrid’s main gauge—heavy on banks and multinationals, and quick to react to shifts in rates or global trade.
In a 6-3 decision, the Supreme Court ruled Trump exceeded his authority under the International Emergency Economic Powers Act—IEEPA was never meant to serve as a backdoor for tariffs, just emergencies. As for the duties that have already been collected, answers remain murky.
Trump moved late Friday, approving a temporary 10% tariff on all global imports for 150 days starting Tuesday, relying on Section 122 of the 1974 Trade Act. The White House at the same time rolled out new tariff probes under other trade statutes; those investigations, set to last longer, will proceed under more defined guidelines.
Madrid’s blue chips edged up Friday, with banks leading the pack. Shares of Bankinter and CaixaBank each climbed 2.5%. Amadeus IT wasn’t far behind—up 2.2%. But Puig Brands, Rovi, and Naturgy ended the session in the red.
Energy shares swung after Repsol pared back its 2030 renewables target, now aiming for “more than 10” gigawatts instead of the previous 20 GW, the company disclosed with its 2025 results. “We’re going to modulate medium-term goals,” CEO Josu Jon Imaz said, but stressed that longer-term ambitions are still intact. Reuters
The STOXX 600 pushed to a new high, closing up 0.8% after traders reacted to tariff headlines and a rally in bank stocks. Chris Beauchamp of IG noted the move had “good elements,” though he also warned it would “increase this legendary uncertainty” that markets dislike. Reuters
Refunds are the big question mark here. Economists at Penn-Wharton Budget Model point to more than $175 billion in tariff collections under IEEPA that might be on the hook for refunds. That sum is large enough to move the needle on U.S. borrowing needs and could jolt bond yields if Washington has to make large payouts.
Monday arrives with traders caught between the boost from relaxed trade tensions and the headache of fresh legal and policy snags. “The confusion … is probably going to keep this market going back and forth,” said Rick Meckler, partner at Cherry Lane Investments. Reuters
Things pick up for Spain’s data docket late next week. January producer prices hit on Wednesday, Feb 25. Then, markets get their first look at February inflation Friday, Feb 27. Core inflation strips out food and energy, while the harmonised index serves as the EU’s apples-to-apples gauge.
The data comes ahead of a non-monetary policy meeting of the ECB’s Governing Council set for Feb 25, with its Consumer Expectations Survey due on Feb 27. Investors are watching Madrid—Friday’s inflation number is the critical hurdle for the IBEX, which has to hold 18,000 if it’s going to maintain its pace into month-end.
