The IBEX 35 started the trading day with very little movement, barely budging by around 0.0 percent to sit near the 8,054 level as the clock showed nine in the morning. Investors faced a backdrop of softer inflation signals but few major macroeconomic data releases to guide decisions, leaving market participants waiting for clearer cues before the European session heats up.
In Spain, attention focused on the Public Treasury, which planned a new auction slate aimed at raising a substantial amount of money through government bonds and liabilities. The goal for this operation was to bolster financing needs while offering investors a fresh chance to position themselves along the yield curve amid the current rate environment.
After a small decline the previous session, Madrid equities appeared to tread water, clinging to the round psychological level near 8,000 points as traders scanned the book for opportunities. In the early minutes of today’s session, several notable laggards and leaders emerged. Iberdrola posted a retreat, followed by Amadeus and Grifols, with Red Eléctrica and Inditex also moving lower. In contrast, some names showed resilience and strength, including Sabadell, BBVA, Santander and Indra, which managed to push higher and offer a counterbalance to the broader drift.
Across the rest of Europe, the opening tone leaned modestly negative. Frankfurt and London slipped by about a tenth of a percent, and Paris reported a similar small dip as trading began. The picture echoed the cautious mood seen on the Continent as investors weighed global inflation trends and earnings prospects against the backdrop of ongoing macro uncertainties.
On the commodities and currency side, Brent crude, a key benchmark for European oil markets, edged lower, while U.S. light crude also eased modestly. The euro traded around the mid-plateau against the dollar, reflecting a steady but cautious stance in cross-border liquidity. Market participants kept a close eye on the risk premium, finite but meaningful, and the Spanish 10-year yield stood near the higher end of recent ranges, signaling the persistent sensitivity of fixed income to evolving inflation expectations and policy signals.