Published:  12:17 AM, 12 October 2017

Madrid stock market jumps at open

Madrid stocks soared in early trade on Wednesday after Catalonian leader Carles Puigdemont called for independence to be suspended to allow for talks with the Spanish government. The Spanish capital's benchmark IBEX 35 index of top companies rallied 1.57 percent to 10,301.50 points shortly after the open. Other main European markets experienced tentative initial gains.

London's index rose nearly 0.1 percent to 7,541.79 points compared with the closing level on Tuesday.  In the eurozone, Frankfurt's DAX 30 index won 0.1 percent to 12,965.28 points and the Paris CAC 40 also added 0.1 percent to 5,367.38.
"Catalan separatists took a step back from their unilateral independence rhetoric and seem open to discussion with Madrid," noted Ipek Ozkardeska, analyst at trading firm London Capital Group.

"Catalonian Presi-dent Puigdemont said that the October 1 referendum gave the Catalan government a mandate to pursue independence, but not immediately." Spanish Prime Minister Mariano Rajoy will chair an emergency cabinet meeting in response to Puigdemont's announcement on Tuesday that he had accepted "the mandate of the people for Catalonia to become an independent republic" following a banned referendum earlier this month.

-AFP, London

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