The session began modestly for the mountain markets, with gains barely above zero at the outset and a narrow step higher toward 9,282 points as traders kept a close eye on a crowded calendar of economic events. The day promises a flood of data and news from several corners of the globe, giving investors a busy slate to assess how the next rounds of earnings, policy signals, and macro indicators might shape sentiment.
Across Europe, attention turns to a stream of government debt operations and corporate governance events. In Spain, the Treasury will auction new government bonds and reopen existing green bonds to raise a target range of 5.75 to 7.25 billion euros, signaling continued demand for sustainable government debt. At the same time, Ferrovial is set to convene a shareholder meeting to ratify a capital plan linked to a strategic shift that could affect the company’s cross-border operations. In parallel, Duro Felguera aims to confirm a capital increase that aligns with commitments tied to its Mexican investor partners Grupo Prodi and Mota-Engil México. In the United States, earnings season is now underway, providing the first tangible read on how domestic firms navigated the latest conditions. Meanwhile, the IMF and the World Bank keep their spring gathering in Washington, with inflation measures and growth projections likely to color policy expectations. Germany’s consumer prices and the euro area industrial production figures will also come into focus as part of Europe-wide indicators guiding risk sentiment. [Market Desk]
On the European front, the UK economy has reached a clearer footing. The Office for National Statistics confirms that Britain’s GDP is back above pre-pandemic levels as of February, underscoring resilient activity despite a softer pace of growth in early 2024. Investors will watch closely for the implications of this performance on policy outlooks and market expectations. In addition, the monthly energy and macro data from OPEC and other global bodies will continue to influence global energy shares and commodity markets, adding another layer to the risk assessment for traders. [Market Desk]
Within the Ibex 35, early trading showed a broad mix. Leading gains were recorded by Acerinox, rising around 0.70 percent, followed by IAG up about 0.67 percent. Colonial and Fluidra each advanced roughly 0.60 percent, while Cellnex posted a 0.56 percent increase. Among decliners, Endesa slipped about 0.86 percent, with ArcelorMittal and Repsol down roughly 0.3 percent. Iberdrola and CaixaBank showed more modest declines of around 0.2 percent and 0.1 percent respectively, contributing to a cautious tone at the opening. [Market Desk]
The broader European markets opened with a split mood. Frankfurt maintained a flat tone, Paris edged higher by nearly 0.8 percent, Milan posted a gentle 0.1 percent gain, and London slipped by about 0.1 percent. These divergent moves reflect the ongoing balancing act between inflation concerns, growth expectations, and the pull of central bank signals across the region. [Market Desk]
Commodity and currency markets also offered a mixed backdrop. Brent crude, the European price benchmark, slipped about 0.29 percent to around 87.08 dollars a barrel. In the United States, Texas intermediate crude eased roughly 0.17 percent to about 83.12 dollars per barrel. The euro traded near 1.0983 against the dollar, a level that keeps the single currency in a cautious range as traders weigh energy, growth, and policy prospects. The yield on the benchmark 10-year government bond hovered near 3.38 percent, reflecting a pullback in longer-dated borrowing costs amid evolving risk appetite. [Market Desk]