Markets responded euphorically to Trump's revised tariff strategy announced late Wednesday, with the IBEX 35 opening 8.6% higher—its largest gain in 15 years. By mid-morning, this rally had moderated to around 5% as European markets collectively celebrated the 90-day tariff pause for most countries except China, which now faces even steeper 125% duties.
The EU reciprocated by mid-day, announcing its own 90-day suspension of counter-tariffs "to give negotiation an opportunity." Meanwhile, reports emerged that the EU and China are discussing minimum pricing for electric vehicles as an alternative to tariffs.
Domestic politics resurfaced as the Supreme Court confirmed it wouldn't apply amnesty to Puigdemont's embezzlement charges. Valencia's government faced criticism after revelations that officials ignored flood warnings before the catastrophic dana. The day ended tragically with news of five Spanish tourists dying in a helicopter crash in New York's Hudson River.