The session opened with a cautious tone as major indexes kicked off the week with modest gains. The benchmark Ca 35 index in Madrid nudged higher, contributing to a subdued start for European markets and lifting the Ibex above the 9,500 level in initial trade.
Market participants will be watching the week ahead with special attention to new macroeconomic data releases and the congressional appearances of Federal Reserve Chair Jerome Powell before the Senate Banking Committee and the full Congress, scheduled for tomorrow and the following day respectively.
Across Europe, stock markets showed positive movement at the open: Paris advanced about 0.5 percent, Milan edged up roughly 0.4 percent, and Frankfurt hovered near a 0.2 percent gain. London displayed a flat start, offering little directional momentum in opening trades.
Among the early movers, significant rallies were pointed to in Santander and Merlin, each rising just over 1 percent. Meliá Hotels and Repsol also posted gains of around 1 percent and 0.85 percent respectively. Repsol announced a plan to repurchase shares worth up to 909.7 million euros, signaling confidence in its capital allocation; the program is set to begin this Monday and is slated to run through July 31, as outlined prior to the market day’s start.
Turning to other heavyweights, landslide movements appeared in the early action for Grifols, Acciona, Ferrovial and ArcelorMittal, with declines ranging from around 0.3 percent to a little over 2 percent among the group, reflecting mixed sector sentiment as traders weighed earnings signals and market expectations.
Oil markets painted a mixed picture at the opening. Brent crude, the European benchmark, traded down from 85.53 dollars per barrel, roughly a 0.3 percent decrease. WTI priced in Texas also softened, hovering near 79.44 dollars, echoing a similar one-day retreat.
On the currency and debt fronts, the euro hovered around 1.0649 versus the dollar, signaling a steady but cautious stance in the foreign exchange arena. In government debt markets, the yield on the 10-year Treasury note eased to about 3.681 percent, reflecting ongoing demand for relatively safe, longer-term government paper as investors assess the near-term macro landscape.
Overall, the market setup points to a week driven by data releases and central bank commentary. Traders are balancing the potential for early-day gains against the risk of increased volatility as new information emerges on inflation, growth, and policy direction. The near-term path remains responsive to macro signals, with attention focused on corporate earnings cues and the global energy market’s ongoing sensitivity to supply dynamics and geopolitical developments.