Ibex 35 kicked off Friday’s session with a modest gain of 0.30% in December, climbing to 10,088 points as investors awaited Christine Lagarde, president of the European Central Bank, in a forum focused on banking supervision hosted by the institution. Reuters reports a cautious start as market participants balanced hopes of stability with lingering concerns about the pace of monetary policy normalization.
After three straight months of declines, the Spanish Selection index finished November up 11.54%, marking its strongest monthly performance since November 2020 and signaling renewed momentum in the country’s equity market. Reuters notes that the late autumn rebound reflected improved sentiment among investors and a wish to position ahead of upcoming data and central bank signals.
In the first hours of trade, Madrid’s benchmark briefly touched 10,100 points, helped by a broadly supportive tone across European markets. Frankfurt and London began the day with gains close to half a percent, while Paris and Milan joined the rally with around 0.3% advances following Madrid’s performance. Reuters emphasizes that the day’s positive drift was anchored by a mix of domestic strength and regional risk appetite, underscoring a broader European appetite for equities amid slowing inflation and expectations of future rate trajectories.
Beyond Lagarde’s remarks, investors were eyeing eurozone manufacturing PMIs for major economies, as well as data from China and Japan, and Italy’s quarterly GDP readings, all of which could influence the next leg of the market’s direction. Reuters highlights that these indicators carry the potential to shift expectations on inflation, growth, and monetary policy timing, thereby shaping risk sentiment across European bourses.
In the session’s minutes, the top contributors to the Ibex 35 gains included Acerinox (+1.49%), Sabadell (+1%), IAG (+0.79%), BBVA (+0.75%), and Indra (+0.75%). The day’s notable lag was Fluidra, down 2.37%, as traders digested sector dynamics and company-specific news. Reuters attributes the uneven sector performance to mixed earnings signals and shifting interest-rate expectations that can tilt capital flows across Spanish equities.
At market open, Brent crude, the reference for Europe, slipped 0.1% to $80.72 per barrel, while U.S. WTI traded around $75.91, a slight retreat that added to the softer energy complex some traders had anticipated for the session. Reuters indicates that oil’s moves were intertwined with global demand prospects, supply discipline by producers, and currency movements that influence commodity pricing.
Meanwhile, the euro traded near $1.0895 against the dollar, reflecting ongoing currency dynamics amid divergent monetary policies across major central banks. The 10-year Spanish government bond yield eased to about 3.463%, a move seen as supportive for domestic borrowing costs and broader investor risk sentiment, according to Reuters analyses of fixed-income markets on the day.