The Ibex 35 opened Thursday with a slight gain of 0.06%, lifting the benchmark to 10,566.5 points, its highest level since January 2018. The session was shaped by Spain’s definitive February inflation reading, which was published that morning.
At the start of trading, the Consumer Price Index (CPI) for February showed a monthly increase of 0.4%, while the annual rate cooled by six-tenths to 2.8%. The decline was driven by cheaper electricity and slower food price growth, the latter reaching its weakest pace in two years, according to the final data released by Spain’s National Institute of Statistics (INE).
Markets also awaited appearances by European Central Bank Vice President Luis de Guindos, along with board members Frank Elderson and Isabel Schnabel, as part of the macroeconomic outlook.
In the United States, investors were watching for the release of the Producer Price Index (PPI) and February retail sales, which would add perspective to the global inflation narrative and monetary policy expectations.
On the corporate front, Ferrovial, via its highway unit Cintra, agreed to acquire 24% of IRB Infrastructure Trust from Singapore’s sovereign wealth fund, GIC, for €740 million, according to the company’s comunicado to Spain’s CNMV before markets opened. The agreement marks a notable cross-border expansion in infrastructure ownership.
Meanwhile, Neoenergia, the Brazilian subsidiary of Iberdrola, launched a bid to acquire 6.89% of Neoenergia Cosern for 163 million reais (about €30 million). The move signals ongoing consolidation within the energy distribution sector in Brazil and the wider region.
Investors also kept an eye on Grifols. After publishing audited accounts with KPMG on the previous Friday, Grifols disclosed additional stock purchases by its executive team and directors to the CNMV. The market continues to monitor the company’s position in the global hemoderivatives sector and related investment activity.
In the early trading phase, the top performers within the Ibex 35 included Solaria, up 4.14%; Acciona, up 1.56%; Acciona Energía, up 1.39%; and Telefónica, up 0.54%. Laggards among the index were Fluidra, down 1.61%, and Grifols, down 1.11%.
Across Europe, the major stock markets opened with mixed directions. London slipped 0.09%, while Paris rose 0.43%, Milan gained 0.13%, and Frankfurt edged up 0.12%. The broad sentiment reflected regional growth concerns and differing monetary policy expectations across the euro area.
Oil prices in Europe saw Brent crude, the benchmark for the continent, rise about 0.4%, to roughly $84.37 per barrel. West Texas Intermediate (WTI) hovered near $80.06, up about 0.43%. This movement underscored ongoing global demand recovery dynamics and supply considerations.
In the currency and debt arenas, the euro strengthened against the dollar, trading around 1.0938 euros per dollar. For Spanish debt, the yield on the 10-year bond climbed to approximately 3.16%, reflecting cautious risk sentiment and expectations regarding fiscal and monetary policy in the eurozone.
Overall, the session framed a landscape where domestic inflation, corporate strategies in infrastructure and energy, and international policy signals intersect to shape market expectations and investment strategies across Europe and beyond. Attribution: data from INE, CNMV filings, and market reports as of today.