The Spanish stock index IBEX 35 opened Thursday with a slight rebound thanks to the pull from the banking sector, although the advance was contained by the adverse reaction to the results and forecasts of Meta Platforms.

The social networking company disappointed investors on Wednesday with forecasts of higher expenses and lower-than-expected revenues, which led to the loss of almost 200 billion of its stock market value and increased fears that the growing cost of artificial intelligence (AI) is outpacing its profits.

Meanwhile, investors continue to digest quarterly reports from European companies, awaiting Friday's U.S. inflation data - the private consumption deflator, or PCE - which could influence the Federal Reserve's interest rate path.

On Thursday, provisional first-quarter U.S. GDP data will be released, which could show growth of 2.4% according to a Reuters poll.

"We think it is likely to beat expectations (+2.7%/+2.8%?), which would be positive for the perception of the U.S. economic cycle, but negative for the market because it would pull the Fed further back from lowering rates right away," Bankinter analysts said.

In Spain, the media attention was on the decision of the Prime Minister, Pedro Sánchez, to cancel his agenda as head of the Spanish Government to "reflect" on his future, which for the moment did not seem to have an impact on the financial markets.

Against this backdrop, at 0705 GMT on Thursday, the selective Spanish stock market index IBEX 35 was up 34.90 points, or 0.32%, to 11,062.70 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.07%.

In the chapter of the companies which published corporate results, Sabadell stood out, which gained 6.44% and boosted the rest of the banking sector after announcing a 50% increase in profit and adjusting upwards its forecasts.

In the rest of the banking sector, Santander rose 0.44%, BBVA gained 0.43%, Caixabank advanced 1.56%, Bankinter gained 0.63%, and Unicaja Banco rose 1.31%.

On the other side was the oil company Repsol, which lost 2.50% after announcing a decrease in its profit.

Among other large non-financial stocks, Telefónica fell 0.15%, Inditex advanced 0.49%, Iberdrola gained 0.39%, and Cellnex gained 0.52%.

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