The market session began with the Ibex 35 advancing 0.4%, lifting the index to 9,212.13 points after a Friday sign-up that left many traders cautious. It marked the worst weekly close since mid-March, a pause brought on by the U.S. banking crisis that pushed markets to a 3.59% drop at one point.
In the early trading, the standout movers among the Ibex 35 included Acerinox with a 1.78% rise, Bankinter up 1.0%, and Repsol gaining 0.78%. On the flip side, Indra slipped 1.96%, Iberdrola fell 1.07%, Inditex dipped 0.69%, and Grifols declined 0.61% as investors reassessed sectoral leadership and risk exposure.
Across Europe, the mood remained negative as major indices opened lower: Paris down 0.36%, Milan down 0.22%, with Frankfurt and London barely in the red at 0.04%. The muted start reflected risk-off sentiment as investors balanced earnings expectations with ongoing macro concerns and policy signals from central banks. (Attribution: European market data sources)
Commodity markets showed a softer tone as well. Brent crude, the European benchmark, fell 0.56% to around $78.03 per barrel, while WTI slipped about 0.58% to roughly $73.43. These moves underscored a cautious stance amid geopolitical and demand uncertainties that continue to shape the energy complex. (Attribution: Commodities desk)
In currency trading, the euro hovered near 1.0955 against the dollar, a reflection of ongoing divergence in monetary policy expectations across the Eurozone and the United States. The Spanish risk premium hovered around 103.9 basis points, while the implied yield on the 10-year Spanish bond stood near 3.696%, pointing to a modest appetite for eurozone government debt despite global fragility. (Attribution: FX and fixed income analytics)
This weeks keys
XTB analyst Joaquedn Robles noted that the week ahead is likely to remain conditional, shaped by evolving economic data and the shifting expectations around central bank policy moves. The balance of risks and signals could hinge on new information about inflation trajectories, consumer demand, and financial stability indicators from major economies. (Attribution: XTB commentary)
Robles highlighted several key data points that could influence sentiment and positioning. First, the inflation figures for June in the United States and in leading European economies are expected to inform near-term pricing and policy outlooks. Second, central bank communications and the minutes from the latest European Central Bank meeting will be closely parsed for hints about future pace and stance. Third, the ongoing economic forecasts for Europe will feed into revised growth and inflation projections that markets will weigh against current pricing. (Attribution: Market briefing notes)
As the focal point of the week, corporate earnings season will gather momentum over the weekend with major American banks in the spotlight, including JP Morgan, Wells Fargo, and Citigroup. Investors will scrutinize results, guidance, and capital allocations to gauge the strength of the financial sector and its influence on broader risk appetite. (Attribution: Earnings calendar)