The IBEX 35 opened Thursday with a modest decline of 0.32%, placing the index at 8,814 points as traders prepared for key developments ahead. Market participants were awaiting the European Central Bank meeting and the upcoming inflation data from the United States, both of which could influence early momentum and sentiment across European markets.
Following a relatively flat finish on Wednesday, Madrid equities began Thursday by clinging to the important support level around 8,800. Investors watched closely for signals from ECB President Christine Lagarde during the press conference, hoping for guidance on monetary policy directions and potential shifts in forward guidance that might affect European assets in the days ahead.
In the first trading hours, the biggest falls within the Ibex 35 came from Ferrovial, down about 2.0%, followed by Cie Automotive, ArcelorMittal, BBVA, ACS, and Merlin Properties, each easing by near 1% to just under 2%. On the other side of the ledger, the counterparty gains were led by Cellnex Telecom, which rose around 1.6%. CaixaBank posted a modest gain, while Solaria, Enagás, and Acciona also traded higher, though the moves remained contained in the early session.
The broader European equity landscape reflected a cautious tone as major indices opened roughly 0.5% lower in Frankfurt, Paris, and London, signaling a shared mood of restraint as investors digested domestic data and international monetary policy expectations.
Commodities also moved on the day. Brent crude, which serves as the European benchmark, slipped slightly by about 0.3% to around $123 per barrel, while West Texas Intermediate, the U.S. standard, drifted down by a similar margin to approximately $121 per barrel. Energy markets remained sensitive to supply-side developments and macro cues that could shape inflation expectations and risk appetite across asset classes.
Meanwhile, the euro traded near parity with the U.S. dollar, with the currency pair hovering around 1.0715, a reminder of ongoing currency dynamics that can impact import costs and corporate earnings for multinational companies with exposure to different regions.