Ibex 35 began Tuesday’s session with a modest gain of 0.44%, keeping the index at 9,985.4 on a day that lacked a heavy macroeconomic calendar but still saw active trading, driven by corporate earnings flow and ongoing market transactions. Traders worked through a mix of company updates and guidance from issuers, while investors monitored a broad set of sentiment indicators that influence risk appetite across equities for the day.
Special, Griffles Madrid announced at the closing of its selection committee that it would separate the management of the firm’s property portfolio and appoint Nacho Abia as chief executive, effective April 1. The move marks a strategic realignment aimed at sharpening oversight of real estate assets and accelerating execution of its portfolio strategy. Investors will be watching closely how this leadership change impacts capital allocation, asset recycling, and potential divestitures in the coming quarters.
Unicaja Banco reported a net profit of 267 million euros for 2023, reflecting a 4% decline from the previous year. Despite the lower net earnings figure, the bank signaled a constructive path forward by outlining a generous distribution plan. It announced intends to distribute 132 million euros in cash dividends and to initiate a share buyback program valued at 100 million euros. Market participants will look for details on payout timing, buyback authorization, and any implications for capital adequacy and shareholder value.
Within the broader fiscal framework, the Spanish public treasury anticipated funding needs between 4.5 billion and 5.5 billion euros for the current year. An auction cycle for 6 and 12 month Treasury bills was scheduled, at a time when households have increasingly become main holders of such instruments. The issuance plan signals the government’s liquidity strategy and its ability to manage near-term financing while supporting domestic demand for short-duration debt assets.
Separately, the Council of Ministers was expected to approve a 5% increase in the interprofessional minimum wage for 2024, elevating it from 1,080 euros to 1,134 euros per month across fourteen payments. The adjustment underscores policy aims to strengthen consumer purchasing power amid rising living costs and to align wage floors with evolving price dynamics.
Across Europe, attention was on the forthcoming PMIs for the construction sector in France, Germany, Italy, and the euro area, alongside euro zone retail sales data. These indicators are viewed as barometers of activity and consumer demand, with potential implications for monetary policy expectations and growth trajectories in the region.
In the early trading hours, the Ibex 35 saw notable leadership from Unicaja Banco, Grifols, ArcelorMittal, and Meliá Hotels, which rose by 4.91%, 2.79%, 1.36%, and 1.12% respectively. The session also showed a few notable declines, with Solaria leading the downside among the blue chips, followed by Acciona Energía and Iberdrola, while Naturgy also posted a modest retreat. Broadly, the intraday performance painted a mixed but constructive picture for the sector, with energy and leisure stocks showing resilience while some utility and infrastructure names faced selling pressure.
European stock markets opened with a generally positive tone, registering gains of about 1.37% in Milan, 0.85% in London, 0.53% in Paris, and 0.33% in Frankfurt. Investor optimism appeared to be supported by a combination of macro news, corporate results, and expectations for ongoing monetary policy clarity from major central banks.
Meanwhile, crude oil pricing showed modest strength at the open. Brent crude traded around US$78.31 per barrel, up 0.41%, while U.S. benchmark West Texas Intermediate (WTI) rose to roughly US$73.06 per barrel, up 0.38%. Energy markets remained sensitive to global supply dynamics and geopolitical tensions that can affect near-term demand outlooks for crude.
In currency markets, the euro firmed against the U.S. dollar, reaching approximately 1.0753, reflecting shifts in market expectations for European growth and policy paths. In the debt market, the yield on Spain’s 10-year government bond rose to roughly 3.210%, echoing continued uncertainty about long-term borrowing costs and the region’s fiscal trajectory amid divergent policy signals from EU members.