European stock markets today: the IBEX 35 opens up 0.31%

Mixed open in Europe with a better tone in the Spanish market: European stock markets today

European stock markets today: updated analysis with context for investors.

European stock markets today are starting without a clear direction, and that already says a lot. The IBEX 35 opens at 18,972.30 points, up 0.31%, while the Euro Stoxx 50 slips 0.02%. The market is digesting two competing forces: rising oil and fears of slower growth, just ahead of the batch of PMIs for France, Germany, and the euro area.

Indices at 09:20 and stocks around 09:15 (Madrid time) on 23 October 2026; changes versus the close on 22 October.

What is moving European stock markets today: higher oil prices and PMIs in focus

The backdrop does not encourage excesses. Brent rises to 114.24 dollars at the European open and the euro falls to 1.1199 dollars. That combination squeezes margins in energy-intensive sectors and, at the same time, gives some breathing room to defensive companies or those with regulated revenue. Meanwhile, Thursday’s close in the United States delivered a serious hit to the Nasdaq Composite, which ended the previous session down 2.60%, while the S&P 500 future is down 0.08% this morning and the Nasdaq 100 future is rebounding 0.17%.

The immediate calendar matters more than the narrative. At 09:15, France’s flash PMIs are released; at 09:30, Germany’s; and at 10:00, the euro area’s. The consensus points to 52.7 for manufacturing and 52.6 for services across the euro area. There is no rate meeting today, but the market is already looking ahead to the European Central Bank meeting on 28 and 29 October, with the decision at 14:15 on the 29th and the press conference at 14:45. To top it off, Wall Street opens at 15:30, with pre-market earnings from American Express, ENI and SLB among the most closely watched names.

IBEX 35: holds above 18,900 with banks and Repsol higher

The Spanish index opens at 18,972.30 points, with an initial high of 18,992.10 and a low of 18,943.50. The good news is the level: it is holding the 18,900-point reference after closing yesterday at 18,913.50. The nuance lies in the composition. Banks are helping: CaixaBank is up 1.30%, Bankinter 0.85%, Banco Santander 0.82% and Unicaja 0.58%, while BBVA falls 0.14%.

Leading the way are Repsol, up 1.77% on the back of Brent, Solaria (+1.74%) and Cellnex (+1.62%). Utilities are not joining in: Iberdrola is down 0.37%, Endesa 0.21% and Enagás 0.17%, with Naturgy almost flat (+0.13%). On the weaker side, Telefónica falls 1.78%, Amadeus 1.72% and IAG 0.68%. For me, that picture is worth more than any grand headline: expensive crude supports energy, banks are holding up, and the selling is concentrated in technology, telecoms and airlines, the most sensitive to costs and rates.

DAX, CAC 40, FTSE MIB and PSI: Europe starts split in two

The Frankfurt DAX 40 starts at 25,295.40 points and falls 0.30%. Germany reaches the open with the 09:30 manufacturing PMI as its immediate test, and the market prefers to wait rather than rush.

The CAC 40 in Paris opens at 7,806.21 points, down 0.06%. It is a modest pullback, but it fits with caution ahead of the French PMIs at 09:15.

The FTSE MIB in Milan stands out with a 0.35% rise to 48,553.60 points. Italy is trying to recover after a weak week, although the index is still down 2.61% over five sessions.

The PSI in Lisbon opens at 9,237.82 points, unchanged from the previous close. The opening is flat, although its yearly performance remains among the strongest in the group, with a gain of 11.79% in 2026.

Stocks moving most at the open

Today’s agenda (Madrid time)

• 09:30 – Germany: flash manufacturing PMI and flash services PMI.
• 10:00 – Euro area: flash manufacturing PMI and flash services PMI.
• 15:30 – Wall Street open.
• 15:45 – United States: flash manufacturing PMI and flash services PMI.
• 16:00 – United States: University of Michigan consumer sentiment and expected inflation.

My take

I would not buy into the IBEX’s green move without looking under the hood. The index rising 0.31% with the Euro Stoxx 50 practically flat suggests a fragile open, supported more by oil and banks than by European conviction. Compared with last week, I see a much more selective market and one less willing to pay for cyclical stocks if data disappoints.

What would make me change my mind today is simple: the IBEX holding above the initial high of 18,992.10 after the 10:00 PMIs, with the Euro Stoxx 50 leaving behind the 6,097.16 level from the open. If that does not happen and, on top of that, Wall Street futures turn worse before 15:30, the risk is a quick move back to the 18,943.50 low and another leg of selling in the most cyclical names. To me, the market is still saying that money has a price, and not a cheap one.

For further reading

• My previous analysis: Practical guide to investing better with discipline and judgment
• Stock market investing guide — basic concepts to make better decisions

This article is general financial information and does not constitute an investment recommendation. Investing involves the risk of loss of invested capital.