The Spanish stock market opened lower on Tuesday, with a modest 0.25% uptick tracked by market data reviewed by Efe. Despite the early dip, the Ibex 35 managed to stay above the psychological threshold of 8,400 points, signaling cautious optimism among traders.
Across the session, the Ibex 35 gradually climbed, recording a gain of 21.2 points to reach 8,448.2. This level marks a fresh high not seen since September 2018, helping to reduce the year-to-date losses to about 3.05%. Investors kept a close eye on the day’s key movers as the index navigated a mixed opening environment.
Among the leading names, Repsol advanced about 0.65%, while Telefonica posted a 0.47% rise. BBVA edged up 0.25%, Iberdrola slipped 0.23%, Santander fell 0.13%, and Inditex gained roughly 0.2%, contributing to a varied opening for the major components of the benchmark.
With Monday’s session in the rearview mirror, traders anticipated ongoing macro cues today. The People’s Bank of China had surprised markets by cutting its two main loan benchmarks for banks, a move that added an important global link to the day’s narrative. Investors were also poised for several key indicators, including UK unemployment figures, eurozone trade data, and the Spanish Treasury bill auction, alongside a batch of corporate results that includes Walmart and Home Depot, which traders will study for signals on consumer demand and the health of the retail sector.
As traders looked ahead to the next trading day, market watchers expected the Fed minutes to shape sentiment in the United States, while Europe showed a positive tilt. Early gains appeared in London, Frankfurt, and Paris, with rises of around 0.3%, 0.2%, and 0.1% respectively, providing a supportive backdrop for European equities and adding to a broader risk-on mood as investors weighed inflation expectations and central bank outlooks.
Within the Ibex 35, the standout performers included ArcelorMittal, which rose about 1.1%, PharmaMar up 0.96%, Rovi up 0.78%, and Acerinox climbing 0.68%. These intraday moves highlighted the rotation among heavyweights as investors recalibrated growth and value opportunities in the present market environment. By contrast, a small group of names posted declines at the opening, with Amadeus, Naturgy, and Inditex showing modest decreases around 0.1% to 0.2% after the first trades of the session.
In the broader European market, crude futures showed a softer tone as the Brent benchmark dipped roughly 0.9% to around $94.22 per barrel, while the U.S. Texas intermediate slid about 0.6% to approximately $88.84 per barrel. The energy sector remained a focal point for European equities, with oil prices influencing earnings momentum for energy and industrials stocks alike, amid ongoing supply considerations and demand signals from major consuming regions.
On the currency front, the euro traded near $1.0155, reflecting continuing sensitivity to domestic euro area data and cross-border capital flows. The debt market carried a risk premium near 110 basis points, with the Spanish 10-year yield hovering around 2.006%, a level that keeps watchful eyes on borrowing costs for public and private sectors alike amidst evolving monetary policy expectations.