The Ibex 35 opened the session higher, gaining 0.29 percent on Wednesday, with the index hovering around the 8,867 level at 9:01 a.m. ahead of Inditex results for the first quarter, which were anticipated to shape investor sentiment. Market participants also kept an eye on the impending European Central Bank meeting scheduled for Thursday and the latest U.S. inflation data due the following day.
Earlier, the Madrid benchmark had marginally risen by 0.06 percent, maintaining the 8,800-point psychological barrier as a reference point for traders. Inditex reported a first-quarter net profit of 760 million, marking an 80 percent increase year over year, while noting that 216 million had been allocated to support operations in Russia and Ukraine.
In the early phases of Wednesday’s session, a number of heavyweights led the gains. Inditex advanced 3.38 percent, followed by Grifols at 1.21 percent, Meliá Hotels International with 1.05 percent, PharmaMar up 0.84 percent, and Fluidra showing a modest rise as the day began. On the flip side, Rovi slipped 0.82 percent, Red Eléctrica dropped 0.63 percent, Telefónica fell 0.46 percent, and BBVA eased 0.30 percent.
Across the continent, major European markets opened with roughly 0.2 percent gains in Frankfurt, Paris, and London, signaling cautious but constructive sentiment as investors digest corporate results and macro cues.
Commodity markets reflected a mixed but firm tone, with Brent crude extending its rally in Europe, trading around the $120 per barrel mark, a modest 0.2 percent higher. In the United States, WTI crude rose about 0.38 percent to hover near $119 a barrel, reinforcing expectations of sustained energy sector momentum amid ongoing geopolitical and supply considerations.
Meanwhile, currency markets showed the euro trading around $1.07 per U.S. dollar, with the exchange rate quoted near 1.0689. Market participants interpret the rate alongside euro area monetary policy signals and U.S. inflation data as key inputs for setting risk appetite and equity valuations in the near term.
Analysts note that the coming ECB meeting and the next batch of inflation figures in the United States will be instrumental in shaping expectations for interest rate trajectories and real yield dynamics. Such developments are likely to influence sector rotations within the Ibex 35, as investors weigh defensives against cyclical plays and monitor earnings momentum across the broader market. Overall, the session reflects a balance between earnings-driven gains and caution ahead of pivotal macro releases, with traders positioning for a potential shift in monetary policy expectations and its impact on liquidity, valuations, and risk premium. (Market data source: financial market feeds and issuer disclosures).