Ibex 35 opened the session modestly higher on Wednesday, gaining around 0.3%, as investors awaited the looming Federal Reserve decision on interest rates after the close and the release of corporate results. The index hovered near critical levels, reflecting caution ahead of the key macro and earnings highlights on the horizon.
In a notable earnings update, Banco Santander informed the National Securities Market Commission before trading began that 2023 produced a new profit record. The bank posted a net attributable income of 11,076 million euros, marking a 15.3% year‑over‑year increase and underscoring Santander’s sustained earnings trajectory amid a fluctuating rate environment and market backdrop.
Meanwhile, Abertis confirmed leadership changes as part of its ongoing governance process. At the extraordinary general meeting, Miquel Roca Junyent, recognized as one of the principal contributors to Spain’s constitutional framework, and Nuria Haltiwanger, chief executive of Concessionaire Iridium, were appointed as new directors. This development comes alongside a formal offer from ACS, which controls half of Abertis, signaling strategic movements within the infrastructure and toll road sector.
On the macro front, the European calendar features a slate of data releases that will color sentiment across markets. The Consumer Price Index is due for publication, while Germany’s unemployment figures, inflation readings for France and Portugal, Spain’s retail sales, and Italy’s industrial activity are all in focus. Investors will parse the data for clues on regional inflation trends and growth momentum in the euro area.
Among the early movers on the Ibex 35, Banco Santander led the gains with about a 2.9% rise. ArcelorMittal, Repsol, ACS, and Cellnex also posted solid gains, while Inditex, Acciona Energía, Amadeus, Acerinox, and Iberdrola were among those with softer openings. The sectoral rotation and individual stock dynamics highlighted a market trying to price in earnings momentum against a backdrop of global rate expectations and commodity price signals.
Across the broader European equity landscape, mood appeared mixed. Frankfurt and London showed little change, while Paris and Milan posted modest advances, suggesting cautious risk appetite as investors weigh the potential implications of upcoming policy and corporate updates.
The energy complex showed a softer tone at the opening of trade. Brent crude, the benchmark for Europe, slipped about 0.44% to around 82.14 dollars per barrel, while Texas Intermediate retreated roughly 0.41% to about 77.50 dollars. These moves add an additional layer of sensitivity to the energy sector and related equities, especially those with significant exposure to oil price swings.
In the currency and debt markets, the euro firmed against the dollar, trading near 1.0819 dollars, suggesting a modest dollar retracement amid ongoing euro area data and policy expectations. In the debt market, Spain’s 10-year yield rose to around 3.14%, pointing to continued demand for longer‑dated government bonds as investors balance growth prospects with inflation risks and fiscal considerations.