Ibex 35 started Thursday’s session with a cautious uptick of about 0.06%, as traders responded to bank earnings and the European Union Summit agenda. Bankinter set the tone for the opening as markets anticipated key developments, while investors monitored the day’s events that included a formal EU summit and a vote tally showing a result near 7,591 points in early trade.
Market watchers expect the European Union leaders to address gaps that hinder new measures to support energy markets and ease bills for households and businesses. Proposals include a flexible, temporary cap on gas purchase prices across the EU, alongside discussions about broader reforms. Some officials also consider minimum joint purchasing to refill national gas reserves as a way to bolster energy security.
As the session began, Madrid’s index showed a slight recovery after a 0.3% retreat the day before. The focus remained on the psychological level around 7,600 points as the week unfolds, a period likely to be shaped by ongoing inflation pressures, further rate hikes, and signs of an economy slowing down in parts of Europe.
Investors learned that the Federal Reserve’s Beige Book—an assessment prepared by the twelve US regional banks—covers economic activity through the months leading up to October. The document describes nationwide activity as modest, with notable variation across sectors and regions. This nuanced picture helped frame expectations for global markets as traders weighed the pace of monetary policy tightening against growth signals.
In the early hours of Thursday’s session, banks led the gains: Bankinter rose about 3.77%, Sabadell gained roughly 1.94%, Caixabank advanced around 1.47%, Repsol climbed 1.2%, Sacyr added 0.17%, and Santander edged up 0.15%. By contrast, Grifols slipped about 1.09%, Inditex fell 0.64%, Iberdrola declined 0.4%, and Telefónica moved lower by about 0.34% as trading activity broadened across sectors.
The broader European markets followed with a mixed to positive tone: Frankfurt opened roughly 0.6% higher, Paris about 0.4% stronger, and London advancing around 0.3%. Oil markets mirrored the cautious optimism, with Brent crude marking a small increase near 0.95% at approximately $93 per barrel, while West Texas Intermediate rose about 1.46% to around $85. These movements underscored the ongoing sensitivity to energy dynamics and global demand expectations as Europe navigates supply considerations and inflationary pressures.
The euro’s value set a steady course against the dollar, hovering around $0.9781. Spain’s risk premium sat at 114 basis points, with the yield on the benchmark ten-year bond near 3.587%. These metrics reflect the intersecting concerns of currency stability, borrowing costs, and fiscal confidence that investors weigh when assessing the region’s market prospects.