The IBEX 35 index rose on Tuesday, approaching the 15,000-point psychological level due to the extension of the US-China trade truce, which delays potential mutual tariffs exceeding 100%. Markets are now awaiting the US Consumer Price Index (CPI) report, with analysts forecasting a 0.2% month-on-month increase and 2.8% year-on-year rise in headline CPI, and a 0.3% month-on-month and 3.0% year-on-year rise in core CPI. A higher-than-expected inflation reading could hinder expectations of Federal Reserve interest rate cuts. Bankinter analysts noted that 91% of surveyed fund managers believe the US stock market is overvalued, warning of potential market corrections. Financial markets also look ahead to a US-Russia summit on Friday, where the war in Ukraine will be discussed. The IBEX 35 closed at 14,899.80, up 43.90 points or 0.30%, with gains across major Spanish banks and non-financial companies such as Telefónica, Inditex, Iberdrola, Cellnex, and Repsol.

A roundup of financial and market developments on August 12, 2025, highlights BNP Paribas' strong Q2 profit performance in Poland, its successful completion of a 2025 stress test, and executive appointments. Other key events include AXA Investment Management in advanced talks to acquire a 30% stake in both Telefónica-Vodafone Spain's joint venture and FiberPass. Amphenol Corporation has agreed to acquire CommScope's connectivity and cable solutions business for $10.5 billion. Additionally, Coca-Cola HBC refinanced with a EUR1.2 billion credit facility, Tata Capital filed for an India IPO, and European banks are showing resilience amid regulatory assessments. Markets remain subdued as investors assess U.S. Federal Reserve outlook and potential tariff impacts.

Ericsson has completed the formation of Aduna, a 50:50 joint venture between itself and twelve global communication service providers (CSPs), including AT&T, Bharti Airtel, Deutsche Telekom, KDDI, Orange, Reliance Jio, Singtel, Telefonica, Telstra, T-Mobile, Verizon, and Vodafone. The venture was established on September 11, 2024, with the goal of aggregating and selling global network Application Programming Interfaces (APIs) to developers. Aduna now operates as a unified platform combining the network capabilities of its partners, leveraging Ericsson's global network platform and the industry expertise of its shareholders. The transaction marks a significant step in accelerating the adoption of network APIs across the telecom and ICT sectors.

AT&T is reportedly exploring a sale of its Mexican telecommunications operations, seeking over $2 billion for the deal, amid ongoing competition with Telcel and challenges due to regulatory uncertainty and market dominance by Carlos Slim’s América Móvil. Despite over $10 billion in investments, AT&T's market share remains significantly smaller than Telcel's, which regularly exceeds 60%. The potential exit is part of a broader trend in the sector, as Telefónica is also reportedly considering selling its Movistar México unit. Regulatory changes, including the establishment of the Telecommunications Regulatory Commission and the entry of the Federal Electricity Commission into mobile services, have increased operational complexity for foreign operators. If the sale proceeds, AT&T’s 23 million users would be transferred to the buyer. The exit of both AT&T and Telefónica could reshape Mexico’s telecom landscape, potentially benefiting Mobile Virtual Network Operators.

America Movil's stock rose following a JPMorgan upgrade to 'neutral' from 'underweight' with a price target adjustment. The company also reported Q2 2025 earnings gains, while AT&T reportedly seeks over $2 billion for its Mexico mobile unit. Regulatory actions, including fines for monopolistic practices, and leadership changes were also highlighted.