The Ibex-35 opened Wednesday with an upward trend and tried to consolidate the psychological level of 9,000 points, in a first session of November marked by the Federal Reserve (Fed) meeting.

The US central bank is not expected to make any changes to interest rates, according to analysts at Renta 4, "in a context of expected moderation in economic activity" and "while waiting for the full impact of the rate hikes already approved to be felt".

"We expect Powell to reiterate the message of 'data-dependence' (the door will not be completely closed to additional rate hikes in the face of the inflationary risk derived from the energy component, linked to geopolitical risk) as well as the message of 'restrictive rates for as long as necessary to return inflation to the 2% target,'" these analysts say.

Markets are forecasting a 29% chance of a 25 basis point rate hike in December and a 35% chance of a 25 basis point hike in January, according to CME's FedWatch tool, with the first cuts occurring as early as the northern summer of 2024.

The Fed's comments drew the full attention of European stock markets, which seemed to take a back seat to weak business survey indicators in Asia, with China's Caixin/S&P Global manufacturing PMI falling from 50.6 to 49.5, a level equivalent to contraction in the sector.

Investors were also awaiting news on the US Treasury's financing needs, after recent auctions have seen lower interest amid concerns over the country's high budget deficit.

Also on the macroeconomic front, there will be interest in the day's ADP US private sector job creation indicator (1215 GMT), which will serve as an appetizer for the full labor market report to be released on Friday.

Against this backdrop, at 0807 GMT on Wednesday, the selective Spanish stock market index Ibex-35 was up 13.10 points, or 0.15%, to 9,030.40 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.32%.

In the banking sector, Santander rose 0.69%, BBVA gained 0.57%, Caixabank advanced 0.05%, Sabadell gained 0.51%, Bankinter gained 0.37%, and Unicaja Banco rose 0.15%.

Among the large non-financial stocks, Telefónica fell 0.41%, Inditex advanced 1.11%, Iberdrola dropped 0.57%, Cellnex gained 0.07%, and the oil company Repsol rose 0.18%.

Outside the Ibex-35, the shares of Duro Felguera rose by 8.7% after the partial disbursement of the loans signed.

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