The Ibex 35 began the week with a modest rise of 0.03 percent, nudging the index toward a new session position as investors digest May inflation data and look for clues on the economy. The broad measure stood at 9,183.1 points on a day that brought fresh inflation figures from Spain and set a cautious tone for traders across Europe.
Data released by the National Statistics Institute show the May Consumer Price Index, or CPI, slipping 0.1 percent month over month. The year over year rate eased to 3.2 percent, marking the slowest pace since mid-2021, supported by softer food costs and cheaper energy. This cooling in inflation adds a potential cushion for consumer sentiment and corporate margins in the coming quarters. INE data provided the basis for these revisions.
Following the CPI release, Madrid opened the selective session with a steady stance around the 9,100 level, despite political developments that have the market weighing a surprise early general election call for July 23. The political headline adds a layer of uncertainty for the near term, which investors in the United States and Canada will be watching as it could influence European risk appetite and global flow dynamics.
Trading elsewhere, US and UK markets resumed activity after holiday closures, keeping the focus on global risk sentiment and the cross currents between inflation data and corporate earnings. In the early minutes of trading, the strongest gains in the Ibex 35 came from Solaria, Naturgy, Colonial and Telefónica, each posting small advances. CaixaBank lagged, while Bankinter and other large banks showed modest declines as traders reassessed financial sector exposure. Amadeus also slipped at the open.
Across European equities, the mood was mixed. Paris slipped while London edged lower and Milan posted a slight drop. Frankfurt, by contrast, moved higher, underscoring the divergent paths within the region as traders weigh domestic data against the backdrop of global monetary policy expectations.
In commodity markets, Brent crude, the European benchmark, declined by about 66 cents to around 76.59 dollars a barrel, reflecting softer demand signals and ongoing supply considerations. WTI crude in the United States fell roughly 0.43 percent to around 72.36 dollars per barrel, signaling a cautious global risk tone with modest demand and inventory dynamics in focus.
As European exchanges opened, the euro traded near 1.0692 against the dollar, while the Spanish 10-year bond yield hovered around 3.47 percent, signaling stable but sensitive interest-rate expectations amid inflation data and political headlines. For investors in North America, these indicators translate into a need to monitor how European inflation trajectories and regional political developments could affect cross-border investment flows and currency movements.