The Ibex 35 began Thursday’s session with a modest 0.16% rise, lifting the Madrid benchmark to 12,016.3 points as of 9:00, in a day dominated by the European Central Bank’s latest decision on interest rates. This early move set a cautious tone as traders weighed the central bank’s guidance and potential downstream effects on Spanish equities.
The main Spanish index subsequently extended a relief rally, reaching levels not seen since January 2010, supported by renewed momentum across financial and industry groups, according to market data provided by Europa Press. Investors noted healthy participation in banks and exporters, while sentiment remained sensitive to the ECB’s policy trajectory.
In this context, the Governing Council of the euro’s guardian was set to trim rates by a further 25 basis points in its meeting today, continuing the quarter-point adjustment enacted in September. The move leans into a broader effort to support growth while managing inflation pressures, a stance watched by markets across Europe.
The analyst consensus, gathered by Europa Press, also sees another reduction in the cost of money at the December session, underscoring expectations of a gradual easing cycle as inflation cools and growth stabilizes. Traders weighed the timing and size of future steps, as European yields reacted to the evolving outlook.
In the corporate sphere, Talgo confirmed receiving an expression of interest from the industrial group Sidenor to acquire all or part of the company’s equity, a development that could reshape competitive dynamics in the Spanish rail sector.
BBVA, meanwhile, acknowledged that it would likely need to divest part or all of its stake in Sabadell if the CNMC decides not to authorize their merger. This potential outcome would become apparent after the acceptance period for the takeover bid concludes, according to the second update of the OPA prospectus filed with the U.S. Securities and Exchange Commission.
Ferrovial also announced a joint venture with Interogo Holding, the investment arm of the Ikea founder family, to manage holdings in a portfolio of concession assets across Europe and Canada valued at 100 million euros. This collaboration signals a strategic expansion into diversified infrastructure concessions while leveraging cross-border opportunities.
In the early stages of trading, the Ibex 35 posted notable gains from IAG up 0.75%, Banco Sabadell up 0.62%, Banco Santander up 0.54%, and BBVA up 0.54%. Conversely, Rovi fell 0.92%, Fluidra slipped 0.61%, and Logista declined 0.58%, highlighting the mixed leadership within the index as investors recalibrated around sector themes.
The major European stock exchanges also opened higher on Thursday, with Milan advancing 0.44%, Frankfurt up 0.25%, Paris rising 0.25%, and London marginally higher by about 0.03%, reflecting a broadly constructive risk sentiment across the continent.
At the market’s opening, Brent crude stood at 74.27 dollars per barrel, up 0.07%, while Texas Intermediate gained 0.11% to 70.47 dollars, with movements largely tied to tensions in the Middle East and shifting demand expectations across global benchmarks.
In the currency market, the euro traded around 1.0854 dollars per euro, while in the debt arena the yield on the 10-year Spanish bond rose to about 2.918%, underscoring the delicate balance between growth prospects and yield dynamics as investors position for the next policy steps.
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