The previous session, on 13 October, closed 0.39% lower at about 19,228 points. On Wednesday, the Ibex 35 opened 0.38% higher at 19,283.78, briefly retook 19,300 but later retreated as investors booked profits. Puig Brands and Cellnex led the early advance.
At 10:24, Merlin Properties was the index’s strongest performer, up 2.55%.
Inmobiliaria Colonial gained 2.45%, while Puig Brands advanced 2.27%.
Naturgy was down 0.75%. IAG fell 0.12%, while Amadeus slipped 0.11%.
Spain’s inflation reading added pressure to a session already shaped by energy costs and geopolitical risks. The National Statistics Institute, or INE, confirmed that consumer prices rose 4.9% year on year in September, up from 4.3% in August. That was the highest rate since February 2023.
Fuel drove most of the increase, while air travel also contributed. Underlying inflation, which excludes energy and fresh food, rose to 3.1% from 2.9%. Food prices were up 2.7%. The EU-harmonised rate reached 5.0%, compared with 4.6% in August.
The domestic figure was only part of the picture. Investors were waiting for final September inflation data from the United States, due at 14:30 Spanish time, for clues about Federal Reserve interest rates. The market consensus put annual US inflation at 3.6%, up from 3.4% the previous month. Markets were pricing in the possibility of at least one more US rate rise before year-end.
Oil climbed as traders tracked events in the Middle East. Brent rose 0.6% to around $106 a barrel, while West Texas Intermediate, or WTI, gained 0.6% to around $94. A morning market snapshot put Brent at $106.03 and WTI at $94.42.
Reports tied the gains to attacks on commercial vessels in the Strait of Hormuz and Houthi strikes on sites in Saudi Arabia. The UK Maritime Trade Operations agency reported that unidentified munitions struck a tanker and a container ship transiting the strait on Tuesday.
Brent has risen more than 70% since the start of 2026 amid the US-Iran conflict. The United States said it had helped ship more than 19 million barrels of crude through the Strait of Hormuz. New attacks threatened regional supply flows.
European stock markets also opened higher, with gains ranging from 0.15% to 0.55%. US futures pointed to a mixed, largely flat start as Wall Street’s earnings season continued. Three major banks had reported the previous day.
The euro was seeking to hold above $1.12 after recovering that level the day before. Gold failed to stay above $4,200 an ounce and risked returning to the lower end of the range in which it had traded for 12 sessions.
Bitcoin was seeking to consolidate above $83,000 and move closer to recent highs.
