El Ibex 35 started Thursday with a modest gain of 0.32%, placing the index at 11,140.8 points at 9:00 a.m. The session opens amid the kickoff of Spain’s corporate earnings season and a gathering of the European Central Bank (ECB), two factors that are guiding traders as they gauge the health of the domestic market and the broader euro area economy. In the hours before the bell, Bankinter disclosed to the CNMV that its first-half net profit reached 473.5 million euros, up 13.3% from 2023’s figure of 418 million euros. This release added a layer of optimism to a market still digesting macro signals from the eurozone and open questions about monetary policy and bank earnings. Bankinter’s result underscores the ongoing resilience in Spain’s banking sector, even as investors weigh the impact of rate expectations on lending margins and loan growth.
In macro terms, Spain’s Treasury anticipated issuing between 5.5 and 6.5 billion euros in a government bond auction scheduled for Thursday, the last of July. Such debt supply helps calibrate the country’s financing needs while signaling investor confidence in Spanish sovereign paper amid a mixed global backdrop. The session’s early movers in the Madrid market featured Enagás up 1.41%, Bankinter up 1.2%, Repsol up 0.78%, and Colonial rising 0.65%, while Fluidra slipped 0.67%, Merlin Properties fell 0.29%, Unicaja Banco declined 0.23%, and Meliá Hotels edged down 0.07%. The day’s moves illustrate a broad risk appetite, with utilities and energy names trading on solid earnings momentum and real estate and travel-related stocks showing more mixed performance.
Minutes after the session opened, Bankinter accelerated its ascent, climbing as much as 3% to trade at 8.008 euros a share. That swift update reflected investor relief at the bank’s earnings trajectory and its potential to sustain profitability amid evolving rate dynamics. The broader European equity picture echoed the optimism, with major indices opening higher: London up 0.83%, Paris up 0.47%, Milan up 0.31%, and Frankfurt up 0.07%. The regional rally pointed to a shared sentiment across Europe that corporate results are aligning with cautious expectations for monetary policy and growth in the second half of the year.
Oil prices reinforced the upbeat tone, with Brent crude, the European benchmark, advancing 0.74% to 85.71 dollars per barrel, while West Texas Intermediate (WTI) rose 0.92% to 82.19 dollars. Energy markets continued to reflect geopolitical tensions, supply expectations, and the pace of demand recovery, all of which influence equity risk premia and sector rotation strategies across the eurozone and beyond.
In currency and debt markets, the euro traded around 1.0934 per dollar, signaling a relatively stable exchange rate environment as traders weigh the inflation outlook and comparative growth trajectories. On the债 market, the yield on Spain’s 10-year government bond climbed to 3.186%, a reflection of heightened sensitivity to long-term interest rate expectations and fiscal risk perception amid global rate normalization cycles. Investors continued to monitor central bank commentary and inflation data releases for further guidance on duration, risk pricing, and the pace of monetary normalization across Europe.
Overall, the session painted a picture of cautious optimism. Domestic earnings momentum, a measured international backdrop, and steady macro cues contributed to a trading day where both the Ibex 35 and its European peers showed disciplined participation. As the earnings season unfolds, analysts will be watching forward-looking indicators such as earnings revisions, guidance updates, and sector-specific catalysts that could shape the next wave of market activity. The balance between growth prospects and policy signals remains the central theme for investors navigating Europe’s equities during this period.