Madrid stocks open higher as investors eye ECB bulletin and key US and French data
The Madrid stock market moved upward this Thursday, following a 0.87 percent rise that reflected selective gains. The index recovered 9,100 points and moved toward 9,200 on expectations that March inflation in Spain may Ease after a recent dip. The National Institute of Statistics reported a 3.3 percent CPI, the lowest since August 2021, a signal that attracts attention from traders and policymakers alike.
Market participants are also awaiting the European Central Bank Economic Bulletin along with GDP readings for the fourth quarter of 2022 from France and the United States, and inflation data for Germany. These releases are seen as potential drivers for the region at a time of mixed growth signals and policy scrutiny.
From a technical standpoint, the Madrid Select market opened this Thursday at around 9,149.98 points, rising after yesterday’s close near 9,070.7 points. European equities broadly traded in positive territory, with the main indexes showing gains at the outset of the session.
Early movers among Spanish listed companies included Colonial, which advanced about 2.28 percent, Telefónica up roughly 2.01 percent, BBVA adding around 1.76 percent, Fluidra rising about 1.74 percent, and Merlin Properties gaining approximately 1.72 percent. On the downside, Repsol slipped about 0.1 percent, while Naturgy edged lower by around 0.02 percent.
Across Europe, markets opened with modest gains in several key hubs. Milan led the gains with roughly 0.55 percent, followed by Frankfurt at about 0.48 percent, Paris at 0.24 percent, and London at 0.14 percent.
In commodity markets, Brent crude, a benchmark for the European energy complex, edged up about 0.1 percent to roughly 77.66 dollars per barrel. U.S. WTI light crude traded near 73.09 dollars, up approximately 0.16 percent.
Turning to the currency market, the euro traded around 1.0844 per dollar, with a broad risk assessment suggesting a risk premium near 102.3 basis points. The yield on the 10-year German government bond stood near 3.274 percent, reflecting ongoing interest rate expectations in the euro area. (Market data sources and economists)