Spain's IBEX 35 stock index opened higher on Wednesday, boosted by Inditex's quarterly figures and a scenario of relative optimism about the prospects of interest rate cuts in the United States in view of the weakness of the latest macroeconomic indicators.

In the midst of digesting data that has shown an economic cooling in the United States - which has increased bets for a cut in the cost of borrowing - the market will analyze on Wednesday the PMI business surveys of the Eurozone, which could give clues as to what the European Central Bank (ECB) will do after the expected rate cut on Thursday.

At the ECB meeting, the focus will be on comments about its future moves, so if PMIs show a solid recovery, doubts about further rate cuts could be raised.

In the US, the ADP private sector job creation data will be released, which will serve as an appetizer to the full US labor report for the month of May, which the Fed usually takes into account when gauging the state of the economy and inflation.

Against this backdrop, at 07:05 GMT on Wednesday, Spain's selective IBEX 35 stock market index was up 103.30 points, or 0.92%, to 11,389.70 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.53%.

In the banking sector, Santander lost 0.06%, BBVA gained 0.91%, Caixabank ceded 0.28%, Sabadell fell 0.22%, Bankinter dropped 1.95%, and Unicaja Banco lost 0.23%.

Among the large non-financial stocks, Inditex stood out, which advanced 4.44% due to the positive reception of its quarterly figures and its prospects for the coming months.

Elsewhere, Telefónica gained 0.47%, Iberdrola rose 0.89%, Cellnex gained 0.47%, and the oil company Repsol rose 0.34%.

Outside the IBEX, OHLA stood out after announcing an asset sale.

(Information by Tomás Cobos)