Ibex 35 faced a softer start this Monday, slipping 0.30% as traders weighed early moves and the session opened with a cautious tone. The index edged away from the 9,400 point level, closing Friday at 9,415 and stepping into a new week with a focus on corporate earnings and key macro releases. The mood was tempered by mixed global signals and ongoing attention to the pace of economic data that could shape the near-term trajectory of equities across Europe.
In Madrid, the Ibex 35 began the week around 9,389 points as investors prepared for a week packed with earnings reports and macro numbers. The week ahead is highlighted by the results season, which kicked off in Spain last Thursday with Bankinter and continues with a slate of significant disclosures from BBVA, Santander, Iberdrola, Repsol, Enagás, Aena and Redeia, along with other large corporations. Market participants are parsing these results to gauge profitability, margins and the impact of a slower revenue environment on growth expectations for the Spanish market and the broader S&P-like indices in Europe.
Before the official opening, FCC released its first-quarter results, showing a net profit of 96.9 million euros, up 13.9% from the same period a year earlier. The figure underscored resilience in certain business lines and indicated renewed momentum in segments where the company operates, even as broader market dynamics introduce typical quarterly volatility. Analysts will be watching management commentary for hints about project pipelines, cost control measures and any strategic realignments that could influence the stock’s trajectory through the season.
At the opening bell, the stock market’s leaders included Aena up 0.42%, Bankinter up 0.36% and Ferrovial up 0.27%, signaling selective strength among companies with exposure to travel-related demand, financial services and infrastructure projects. The early gains were modest, though, with a number of blue chips retreating into negative territory as the session began and investors balanced optimism about earnings with caution over the broader macro backdrop.
On the downside, several heavyweights traded lower. Endesa fell 1.60%, Repsol declined 1.48%, BBVA was down 0.99%, Sabadell slipped 0.97% and CaixaBank retreated around 0.70%. The negative movers reflected sector-specific concerns, including energy price dynamics and credit market anxieties, which continue to shape trading sentiment in the Iberian market and surrounding European equities.
Across Europe, the mood was similar at the opening of trading, with major stock indices trading lower. Milan led declines among top markets with a 1.3% drop, while Paris and London each slipped about 0.4%. Frankfurt fared relatively better, posting a smaller decline of around 0.2%, a sign that some investors are distinguishing between the more cyclical and the defensive segments of the market as earnings season progresses and macro data reinforce or challenge expectations.
Commodity markets showed a correction as well. The Brent crude benchmark for Europe slipped 1.3% to around 80.41 dollars per barrel, while U.S. benchmark WTI also fell about 1.3%, trading near 76.82 dollars. The move higher or lower in oil prices remains a key input for energy stocks and related sectors, influencing inflation expectations, consumer spending projections and the risk appetite of investors across Europe and North America.
Meanwhile, foreign exchange markets saw the euro trading at 1.0974 against the U.S. dollar, reflecting ongoing uncertainties around interest rate paths and divergence in monetary policy signals. In the debt market, Spain’s 10-year yield eased to about 3.487%, suggesting some demand for longer-dated government paper as investors reassess risk premia in a world where central bank policy remains relatively cautious but data-dependent. The currency and bond movements add another layer of complexity for multinational companies with earnings exposed to currency swings and interest rate shifts as the week unfolds.