Ibex 35 began the final Thursday session of November by nudging higher, adding 0.18% to reach 10,081 points, a level last seen in February 2020. This marks the day when preliminary inflation data for November in the euro area are scheduled for release, adding a layer of anticipation to European markets.
As European stock markets closed, traders parsed a softer tone from the United States economy, reflected in the October Beige Book. The Beige Book compiles a granular assessment of economic activity across the twelve Federal Reserve districts, offering a snapshot of conditions that influence monetary policy and investment sentiment across the country.
In the broader macro picture, new unemployment claims in the United States were slated to be released on Thursday. Investors also kept an eye on key indicators including the consumer price index (CPI) and data on France’s GDP, as well as Germany’s unemployment rate, alongside other major releases that can move markets and shape expectations for growth and inflation in the near term.
In the early trading session, the Ibex 35’s notable gains were led by Bankinter with a rise of about 0.78%, followed by Repsol at roughly 0.71% and Acciona Energía at around 0.67%. On the flip side, Iberdrola dipped about 0.49%, while Inditex and ACS showed modest declines, trading near negative territory as the session progressed.
Across Europe, the major indices extended gains in morning trading, with Milan up approximately 0.37%, Frankfurt around 0.24%, Paris near 0.18%, and London about 0.09%. The positive tone across the continent underscored a cautious but constructive mood as investors positioned themselves ahead of the day’s data deluge.
Commodity markets reflected a firmer tone as well. The price of Brent crude rose, lifting energy markets and contributing to a broader risk-on environment. The U.S. dollar, often the benchmark for the eurozone, climbed about 0.56% after a period of subdued moves, while the Texas Intermediate benchmark showed a contemporaneous gain, trading above the $78 mark as confidence in energy demand remained intact in several regions.
In the foreign exchange arena, the euro traded near 1.095 against the dollar, signaling a stable but testy exchange rate dynamic ahead of forthcoming economic releases. Spain’s sovereign risk premium hovered around 100 basis points, with the yield on the benchmark 10-year Spanish government bond near 3.41%, reflecting a balance between euro-area data flow and global monetary expectations.