The Ibex 35 index experienced volatility between late June and July 2025 amid geopolitical tensions and trade negotiations. Following a US attack on Iran in late June, the Ibex 35 opened below 13,800 points, dropping 0.7%, but recovered to close near 13,800 points with minor fluctuations. The index rebounded above 14,000 points by late June and early July, supported by gains in key stocks such as Indra, Grifols, Santander, Sabadell, ACS, Acciona, and steel companies. The index reached a high of over 14,250 points on July 9, with Indra and Grifols advancing about 5%. However, the Ibex faced pressure from US tariffs and political uncertainties related to former President Trump, leading to declines below 14,000 points mid-July. The index fluctuated around 14,000 points in the following weeks, influenced by inflation data from Spain and the US, and awaited upcoming European Central Bank (ECB) decisions and corporate earnings reports. A notable positive catalyst was the trade agreement between the US and Japan announced on July 23, which lifted the Ibex 35 by 1.19% mid-session to above 14,200 points, though it closed the day with a modest 0.19% gain at 14,000 points. Throughout this period, the Ibex 35 showed resilience despite geopolitical and economic headwinds, with investor focus on trade negotiations, tariffs, and earnings from major companies including Iberdrola, Naturgy, Alphabet, Tesla, and others.