The Spanish Ibex-35 index closed Wednesday at new one-and-a-half month highs, boosted by Inditex's strong rebound after publishing results, with global markets' attention focused on next week's central bank meetings.

Global equities were nearing a 13-month high on high expectations for next week's monetary policy meetings of the Federal Reserve (June 13-14) and the European Central Bank (June 15).

While Europe is expected to raise interest rates by another quarter percentage point, money market bets are increasingly pointing to the Fed keeping the cost of credit unchanged.

Nevertheless, some analysts are warning investors against being overly optimistic about the upcoming monetary decisions.

Citing Australia's and Canada's central banks as examples, Citi economists noted that "monetary policy in other countries illustrates both the economic danger of a premature pause and the possibility that resurgent inflation could lead to 'surprise' rate hikes".

Nevertheless, equities benefited from this optimistic climate on Wednesday, with the Ibex-35 closing up 49.00 points on Wednesday, up 0.53%, to 9,359.80 points, its highest closing level since last April 24.

Meanwhile, the FTSE Eurofirst 300 index of large European stocks lost 0.19%.

The main upward driver of the Spanish index was Inditex, which soared 5.69%, its biggest daily gain in a year, after beating quarterly earnings forecasts by increasing sales of its spring-summer collection by 16% in the last month.

On the other side of the table, Pharma Mar stood out with a drop of 10.06%, its biggest daily decline since April 27, as it picked up profits from the previous session, when it obtained the acceptance of an application for a new application for its drug lurbinectedin in China.

Also notable was the fall of flight booking group Amadeus, which dropped 1.31% following a downgrade of its recommendation by UBS from "buy" to "neutral".

In the banking sector, Santander rose 0.06%, BBVA gained 0.15%, Caixabank advanced 0.14%, Sabadell gained 0.75%, Bankinter gained 1.18%, and Unicaja Banco rose 0.16%.

Among the large non-financial stocks, Telefónica gained 1.17%, Iberdrola dropped 1.33%, Cellnex fell 0.16%, and the oil company Repsol rose 1.28%.

Outside the Ibex-35, Metrovacesa closed with a rise of 3.49%, following press reports that Mexican magnate Carlos Slim is interested in increasing his stake in the company to over 50% of its share capital.

(Information by Darío Fernández; additional information by Samuel Indyk).