[MARKET ANALYSIS] Bourses hit as renewed US-Iran developments spur energy; IBEX underperforms after Trump's trade comments

European bourses (STOXX 600 -1.6%) began the session lower amid renewed US-Iran developments which spurred energy benchmarks higher with Brent Sept’26 +10% this week. To briefly summarise developments, the US Treasury revoked the June 21st Iran-related waiver, General License X, which had allowed Iran to produce, deliver and sell its oil; and US President Trump’s remarks this morning accelerated the move lower in equities “Iran ceasefire is over "I think". The broad STOXX 600 fell 0.8% as Trump spoke, down 1.6% today. Looking at performance across indices, the IBEX underperforms after Trump said the US would cut off all trade with Spain, while the AEX fares the best as tech attempts a rebound. Sectors in Europe are entirely negative (excl. Energy +2%) as they react to elevated energy prices. Individual movers include: Vivendi (-11%) after a Paris court ruled Vincent Bollore does not control the Co.; Broker updates: Eni (+4%) upgraded at Santander; Rio Tinto (-3%) downgraded at Morgan Stanley; Man Group (-3%) downgraded at UBS; Deutsche Lufthansa (-4%) downgraded at Citi. Stateside, US equity futures are hit this morning in reaction to the above geopolitical updates. RTY (-1.5%) underperforms as yields move higher, NQ (-1.1%) also affected but to a lesser extent as tech recently underperformed.