The market opened with a slight dip of 0.12 percent on Tuesday, as investors tuned in to ongoing corporate results. The index hovered near the 9,200 point mark, gradually pressing upward to 9,200.12 in a session that reflected a mix of earnings headlines and macro cues.
Following a 0.7% rise at the close the day before, Madrid’s benchmark opened around the 9,200 level, with major European indices still into the session despite some markets in Europe awaiting further direction from today’s trading.
With US inflation data due for release tomorrow, traders are paying close attention to a batch of macro indicators, including retail sales in the United States. These data points come as the European Central Bank’s chief economist, Philip Lane, outlined views during an event in Berlin. The market is positioning itself ahead of these numbers, weighing the potential impact on interest rate trajectories and growth projections.
In early trading, several names moved notably: Grifols led the gains with roughly a 4.3% rise, IAG added about 1.7%, and Aena climbed around 1.3% to 1.5%, with Amadeus also showing a solid gain. On the downside, CaixaBank and Merlin Properties posted declines of 1.3% and 0.8%, respectively, marking a contrast in sector performance as investors reassess balance sheets and earnings momentum.
Grifols released its first-quarter 2023 results earlier on Tuesday, reporting a net loss of 108.2 million euros through March, reversing a profit of 53.3 million euros in the same period of 2022. The quarterly results added fodder to the debate on the company’s path to profitability and its strategic restructuring efforts.
Amadeus, by contrast, submitted its quarterly accounts to the National Securities Market Commission (CNMV), showing profits that more than tripled, climbing to 262.4 million euros, up 222.8% from 81.3 million in the prior year period. The strong performance underscored improvements in demand across travel-related services and technology solutions that power the sector’s recovery.
Across Europe, opening trades painted a mixed picture: Paris slipped about 0.43%, Frankfurt dipped 0.10%, and Milan edged down 0.08%. London’s market opened flat and has since remained range-bound as traders digest earnings and policy signals.
In the commodities space, Brent crude traded lower, retreating around 0.84% to roughly $76.36 a barrel, while U.S. oil, branded as West Texas Intermediate, traded near $72.56, down about 0.82%. The tone remains cautious as supply-demand dynamics, geopolitical considerations, and economic data swirl together in a crowded conference room of headlines.
On the currency front, the euro hovered around a soft footing against the dollar, with the exchange rate hovering near 1.11. Spain’s risk premium held above 100 basis points, and the yield on the benchmark ten-year bond was close to 3.40%, indicating a continued sensitivity to eurozone policy expectations and fiscal conditions.