The session began on the first Friday of September with a modest uptick of 0.06 percent, nudging the selectivity index to 9,511 points after ending August at 9,505.9. Market participants kept a close eye on daily moves, noting that the minor gain reflected cautious optimism rather than a decisive shift in momentum. The reading hints at a market cooling period that often precedes more substantial moves, as investors weigh earnings, inflation data, and central bank signals across major economies.
Analysts expect a sequence of manufacturing PMIs to release from key economies including Spain, Germany, France, Italy, the United Kingdom, and the United States, among others. In addition, quarterly GDP figures for Italy are on the docket, along with the latest non-farm payroll numbers. The outlook also factors in the U.S. unemployment rate, which will shape expectations for domestic demand and monetary policy in the near term.
Following a negative close on Wall Street and a disrupted session on the Hong Kong Stock Exchange caused by the approach of a powerful storm, Europe opened September with a mixed tone. Early trading showed varied performance across major indices, with some benchmarks continuing to pull back while others held steady or edged higher on the day.
At the opening of trade, Frankfurt and Paris registered slight declines around 0.1 percent, contrasting with Madrid which moved in a steadier path and opened with a small gain. Milan started the session nearly flat, while London showed greater strength, lifting roughly 0.2 percent as buyers stepped back in on the first trading day of the month.
Within the intraday momentum, the Ibex 35 highlighted notable gains among several blue chips. Repsol posted a solid advance of around 2 percent, followed by Sabadell with a rise near 1.2 percent. Banking peers BBVA and Bankinter added roughly 0.7 percent each, while Meliá Hotels also contributed a similar gain as investors rotated toward higher-yield exposures in the tourism and energy-related sectors.
On the downside, the market saw more pronounced declines among certain names. Naturgy slipped about 0.9 percent, while Iberdrola eased around 0.5 percent. Cellnex and ACS faced more modest losses, close to 0.4 percent and 0.3 percent respectively, with Grifols showing a marginal retreat. The day’s price action underscored a broad risk-off environment for some utilities and infrastructure names, even as other sectors found selective buyers on renewed optimism about earnings trajectories.
Commodities and currency markets provided additional context for risk sentiment. The Brent crude oil benchmark traded in a tighter range, reflecting ongoing supply considerations and geopolitical dynamics. In parallel, a steadier dollar index reinforced the discipline of global investors, while the euro traded in response to shifting eurozone developments and U.S. economic data. Domestic debt markets offered further clues, with the Spanish 10-year bond yield inching higher as traders reassessed yield curves and inflation expectations.
In the commodity space, energy equities and related sectors remained sensitive to headlines about production policy and demand forecasts. The dollar’s performance against major peers influenced import costs and export competitiveness, reinforcing a cautious stance among traders who balance short-term volatility with longer-term fundamental themes. Overall, the week began with tempered moves, a sign that market participants are adapting to a fresh constellation of data releases and policy signals that could shape the next leg of the cycle.