Ibex 35 opened the week with a slight retreat, slipping 0.12 percent and nudging the index down to 9,927.5 points as investors prepared for insights from Christine Lagarde, who was set to address the European Parliament’s Economic and Monetary Committee. The moment underscored the broad market mood as traders weighed domestic cues against global monetary policy expectations from Europe and North America.
The Madrid benchmark, however, found support later in the week, climbing 0.34 percent to push beyond 9,939 points and extending its run to a fourth straight positive week. This recovery kept the index at its loftiest level since February 2020, illustrating the resilience of Iberian equities amid a mixed European backdrop.
On the corporate beat, Telefónica is scheduled to brief unions about an exit plan under consideration, offering sharper details on the company’s staffing needs and the specific adaptations it intends to implement. The plan appears aimed at aligning the workforce with evolving business priorities while navigating negotiations with labor representatives.
From a macro perspective, the week is packed with important data releases that could sway sentiment across Europe and the United States. Investors will be watching for the November manufacturing PMI and the consumer price index, with markets in Spain, Germany, and the United States all positioned to respond to the latest readings.
The leadership of the Ibex 35 saw gains at the outset, led by IAG, which rose about 0.59 percent, followed by Bankinter with a 0.56 percent advance and Rovi up 0.54 percent. On the downside, Repsol and Banco Santander lagged, slipping roughly 0.64 percent and 0.45 percent respectively, underscoring the uneven rotation within the evolving risk landscape.
Across major European markets, the opening tone was mixed. London edged up around 0.18 percent, Frankfurt about 0.15 percent higher, while Paris posted a modest gain and Milan rose marginally, reflecting a cautious but constructive mood as investors calibrate the paths of monetary policy and inflation expectations.
The energy complex set a cautious tone at the start, with Brent crude easing and the U.S. benchmark slipping under the $80 level. The Texas light crude market also retreated, dipping toward $74.94 per barrel, a move that fed into broader concerns about inflation and energy costs for businesses and households alike.
In the foreign exchange arena, the euro hovered around $1.0947 against the dollar, while Spain’s risk premium remained near 100 basis points and the yield on the 10-year Spanish bond stood at approximately 3.611 percent. These figures provide a snapshot of funding costs and macro risk perceived by investors in both Europe and North America.