The Spanish stock index Ibex-35 tried to settle above the psychological level of 9,900 points on Wednesday, although it lacked conviction in the rebound pending important macroeconomic references during the session and the meeting of the European Central Bank (ECB) on Thursday.

Industrial activity indicators based on the Purchasing Managers' Index (PMI) could provide clues about economic developments on both sides of the Atlantic and, therefore, about the next steps of the major central banks.

"The market expects greater resilience in the U.S. figures, with services in the expansion zone and manufacturing trying to improve to gradually approach the level of 50. For its part, European data would continue to show a fragile economy, especially in manufacturing, very weakened in the hard core," says the daily report of the securities house Renta 4.

In principle, no major stock market movements are expected after the publication of these figures, given the caution of investors for the ECB meeting on Thursday, where no changes in interest rates are expected, so the attention will be on possible comments that allow greater clarity on the monetary path of 2024.

Currently, markets are forecasting a 62% chance of a rate cut in April by the ECB, according to IRPR, an LSEG tool on rate development probabilities.

At 0807 GMT on Wednesday, Spain's selective Ibex-35 stock market index was up 51.90 points, or 0.53%, to 9,911.10 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.82%.

In the banking sector, Santander rose 0.40%, BBVA gained 0.05%, Caixabank advanced 0.46%, Sabadell gained 0.60%, Bankinter gained 0.63%, and Unicaja Banco rose 0.63%.

Among the large non-financial stocks, Telefónica gained 0.63%, Inditex advanced 0.13%, Iberdrola gained 0.59%, Cellnex gained 1.31%, and the oil company Repsol rose 0.50%.

Acerinox fell by 1.6%, in movements related to the payment of a dividend of 0.31 euros per share on January 26.

(Information by Tomás Cobos; edited by Benjamín Mejías Valencia)