Ibex 35 opens with 8% increases after Trump tariffs 90-day delay

Spain's stock market saw an 8% increase at the opening bell after the decision by US president Donald Trump to delay the "reciprocal" tariffs by 90 days.

Spain's Ibex 35 opened with a rise of 8%, surpassing the 12,600 points. Around 20 minutes after the market opened, the market moderated its enthusiasm to 6.5%. At midday, the market had around a 5% growth compared to the previous day.

Catalan pharmaceutical Grifols led the rise. It was one of the most affected companies by the tariffs. On Thursday, it saw gains of around 11%.  

Banco Sabadell at 12%, Bankinter at 11.8%, and IAG Airlines group at 11.8% also registered large increases.

The rises arrived hours after US president Donald Trump announced that US tariffs would be halted for 90 days in most countries, except China, which would see a 125% tariff. 

White House press secretary Karoline Leavitt later clarified that all countries would have a "universal tariff" of 10% while negotiations continue.

Tariffs, based on first estimations by the Catalonia Trade & Investment agency, would have directly impacted over 3,100 Catalan companies and around €4.3 billion in sales. However, there were other companies, such as pharmaceutical Reig Jofre, who were "concerned" that many businesses could use the European market as a way of getting rid of their available stocks.

To battle the impact of these tariffs, the Catalan president, Salvador Illa, and his cabinet announced a €1.5 billion scheme to help affected businesses.

A few days before, Spanish PM Pedro Sánchez also announced another financial aid program worth €14.1 billion.