The Ibex 35 opened 0.38% higher at 19,283.78, briefly retook 19,300 and then slipped back. Spain’s September inflation was confirmed at 4.9% as investors tracked energy prices and tension around the Strait of Hormuz.
The previous session, on 13 October, ended down 0.39% at about 19,228 points. On Wednesday, the Ibex 35 opened up 0.38% at 19,283.78, briefly retook 19,300 and then gave back ground as investors took 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%. Puig Brands advanced 2.27%.
Naturgy was down 0.75%. IAG fell 0.12%, and 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 was the main driver, with air travel also adding to the increase. 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%, against 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 was for annual US inflation of 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 assisted in shipping 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 start, with little movement, as Wall Street’s earnings season continued. Three major banks had reported the previous day.
The euro was trying to hold above $1.12 after recovering that level the day before. Gold failed to stay above $4,200 an ounce and threatened to return to the lower end of the range where it had traded for 12 sessions.
Bitcoin was trying to consolidate above $83,000 and move closer to recent highs.
