Ibex 35 started Friday’s session with a modest gain of 0.5%, nudging the index back toward the 8,200-point level as the main European markets opened higher on the day. Oil prices rose and the euro softened, setting a positive tone for the early trading.
The Madrid index opened near 8,229 points after finishing Thursday at 8,187. The move reflected a broader mood across the region, supported by commodity prices and currency moves that helped some sectors stay bid as investors weighed forthcoming guidance from major central bankers.
Attention turned to Federal Reserve Chair Jerome Powell, who was scheduled to speak at a key gathering in Jackson Hole. Market participants were hoping for clues about the policy path and how future rate decisions might address persistent inflation. Speculation on the size of the next rate increase—whether 50 or 75 basis points—added to the trading backdrop as investors sought clarity on the trajectory of U.S. rates.
Ahead of Powell’s remarks, traders monitored the euro’s performance against the dollar. The buck oscillated, trading beneath parity at times during the session after testing it briefly the day before. The FX moves added another layer of complexity for global asset prices and risk sentiment.
Across the eurozone, sentiment was broadly positive at the outset of the session. Frankfurt and London advanced by about 0.5%, while Paris posted a smaller gain around 0.2%. These moves underscored a shared wakefulness about energy prices, inflation expectations, and the potential policy implications from major central banks.
Within the Ibex 35, early leaders included ArcelorMittal, which climbed approximately 1.3%, Santander up around 0.7%, Iberdrola up roughly 0.6%, and Sabadell and BBVA both rising a bit over 0.4%. On the downside, Grifols slipped about 0.5% and Red Eléctrica traded down roughly 0.2%. The balance of gains and losses highlighted the sector-by-sector rotation shaping the index in the opening hours.
At the outset of European trading, the price of Brent crude—an important benchmark for the region—stayed above $100 per barrel, around $100.61, marking a 1.3% morning advance. Texas Intermediate crude also rose, trading near $93.75 after posting a similar percentage gain. These energy moves fed through to expectations for costs and producer margins across industries.
On the currency front, the euro traded just below parity with the dollar, reflecting ongoing tensions and divergent monetary policy paths between the euro area and the United States. In the debt market, Spain’s 10-year yield edged above 2.49%, a level watched closely by investors seeking signals on long-term borrowing costs and fiscal stability in the region.
Market participants continued to assess a wide range of catalysts, including central bank commentary, energy prices, currency dynamics, and geopolitical developments, all of which could influence the trajectory of European equities in the near term.