Ibex 35 starts the session with a modest dip as results season unfolds
The Ibex 35 began the trading day with a small decline of 0.24%, putting the index at 9,213.9 points. Market observers are watching for a fresh wave of corporate earnings while geopolitical tensions between Israel and Hamas add a layer of uncertainty. In this context, Rovi announced a net profit of 118.8 million euros for the first nine months, a figure that marks a 2% drop versus the same period a year earlier. The company is navigating a period of tighter margins and a slower revenue cycle, yet remains a notable component of the domestic equity landscape.
Logista reported a stronger year so far, posting 272 million euros in net profit for the 2023 fiscal year, which closed on September 30. That result represents a 36.9% year-on-year rise, reflecting resilience amid macro headwinds and geopolitical strain. Looking ahead, market participants also anticipate important macro data, including German inflation readings and euro area retail sales slated for release today, with Chinese inflation figures due later in the week. The week also brings a glance at the United Kingdom’s GDP figure, which will influence sentiment across Europe.
The early movers on the Ibex 35 showed modest gains for Rovi, up 0.75%, Grifols advancing 0.59%, and Cellnex rising 0.40%. Among the laggards, Colonial fell about 1.59%, Logista slipped 0.8%, and Telefónica slipped 0.62%. Across Europe, the open signs were broadly negative, with declines of around 0.40% in Paris, 0.30% in Frankfurt, 0.29% in Milan, and 0.27% in London, signaling a cautious start to a week that is often crowded with earnings releases and economic data revisions.
Oil markets reflected cautious tone as Brent crude, the benchmark for Europe, traded just under the $82 level at the session’s outset and remained near that threshold as traders assess supply dynamics. Widening tensions in the Middle East continue to weigh on risk assets, while ongoing concerns about the impact of the Ukraine conflict and potential Iranian developments keep a premium among energy equities. The price of Brent has been hovering around the $77 area as traders gauge how geopolitical risk translates into physical barrels and futures contracts.
In the foreign exchange arena, the euro traded near recent levels against the dollar, with spot activity hovering around 1.067 per dollar. Spain’s risk premium hovered in the mid-100 basis points range, and the yield on the 10-year Spanish government bond stood near 3.71%. These macro indicators contribute to a trading environment where investors balance earnings visibility with global risk factors, shaping broad moves across European indices as new data arrives and corporate guidance continues to roll in. [Source: market data and macro updates]