Spanish stocks edge up 0.11% after US inflation drop

Spain's stock market experienced a modest uptick on Tuesday, with the benchmark IBEX 35 index gaining 0.11% to close at 19,356.6 points. This slight rise occurred despite an initial dip on Wall Street, buoyed by positive inflation data from the United States and a calmer oil market.

The key driver for the Spanish market's recovery was the news that US inflation cooled more than expected in June, falling seven-tenths of a percentage point to 3.5%. This development eased concerns about aggressive interest rate hikes, providing a more favorable environment for equities. Additionally, the price of Brent crude oil saw a moderated increase, trading at $84.04 per barrel, up 1.01%.

Despite the overall positive close, the performance of individual large-cap stocks within the IBEX 35 was mixed. Repsol led the gains among the major companies, appreciating by 1.25%. BBVA and Iberdrola also saw positive movement, rising 0.8% and 0.47% respectively. Conversely, retail giant Inditex experienced the largest drop, falling 1.97%. Banco Santander and Telefónica also registered slight declines of 0.22% and 0.03%, respectively.

Year-to-date, the IBEX 35 has accumulated a gain of 11.84%. The session saw the Spanish index briefly dip by as much as 1% before recovering to finish in positive territory, reflecting the market's sensitivity to global economic indicators.