The main Spanish stock index Ibex-35 opened positive on Wednesday, extending the previous day's rally, although the advance was limited by uncertainty over several events this week.

In the short term, the markets will analyze the PMI surveys of business activity around the world on Wednesday, followed by the week's highlights: the results of the US technology company Nvidia (Wednesday, after the close of trading in Europe) and the meeting of central bank leaders in Jackson Hole, United States (Thursday and Friday).

"(The PMI indices) will give us the most up-to-date version of the timing of the economic cycle globally. We expect to see how the contraction in manufacturing continues, timid in the US (...) and more intense in Europe", said analysts from Renta 4, who indicated that "the services sector will slow down in both areas, although remaining in the expansion zone".

These analysts emphasize that in Nvidia's quarterly report "the focus will be on whether the expectations placed on AI are reflected in the company's results", after a meteoric revaluation of its shares this year.

Equity markets were also helped by some moderation in rising bond yields, at a time when concerns about persistent inflation are returning.

In this regard, Federal Reserve Chairman Jerome Powell's remarks at the annual conference in Jackson Hole, Wyoming, later this week will be crucial.

Against this backdrop, at 07:01 GMT on Wednesday, the selective Spanish stock market index Ibex-35 was up 26.60 points, or 0.29%, to 9,340.60 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.25%.

In the banking sector, Santander rose 0.06%, BBVA gained 0.42%, Caixabank advanced 0.29%, Sabadell gained 0.59%, Bankinter gained 0.30%, and Unicaja Banco rose 0.49%.

Among the large non-financial stocks, Telefónica gained 0.53%, Inditex advanced 0.06%, Iberdrola gained 0.56%, Cellnex gained 0.26%, and the oil company Repsol rose 0.25%.

Outside the Ibex, Técnicas Reunidas was up, with a 1.94% increase in its share price after announcing that it has been awarded additional work on a project in Qatar.

(Information by Tomás Cobos; edited by Flora Gómez)