The IBEX 35 opened Tuesday's session with modest gains, reflecting a cautious mood in the markets as investors await key macroeconomic indicators from the United States to gauge the Federal Reserve's monetary policy direction, as well as inflation figures from the eurozone.

US manufacturing activity contracted for the ninth consecutive month in November, according to data released on Monday, as factories reported weak new orders and rising input costs, partly fueled by tariffs.

This week's highlights include the November ADP employment report on Wednesday and the delayed September PCE index, the Fed's preferred inflation gauge, scheduled for release on Friday.

According to CME's FedWatch tool, the probability that the Federal Reserve will cut rates in December stands at 88%.

Across the Atlantic, attention is focused on eurozone inflation data, set to be released at 1000 GMT.

"We expect stability at +2.1% overall and +2.4% for core inflation, confirming our view that the ECB will keep interest rates unchanged throughout 2026," Renta 4 said in a note to clients.

As of 0815 GMT on Tuesday, Spain's benchmark IBEX 35 index was up 74.60 points, or 0.46%, at 16,463.60, while the pan-European FTSE Eurofirst 300 index edged up 0.03%.

"Today's session lacks a clear direction, although a slightly bearish tone at the close cannot be ruled out given the scarcity of market-moving references," analysts at Bankinter said on their Telegram channel.

"We expect a transitional session as we await upcoming employment figures (ADP + Challenger + claims) and PCE in the coming days. However, the focus remains on next week's key events, including the Fed meeting (Dec. 10) and results from Oracle (Dec. 9) and Broadcom (Dec. 11)," they added.

In the banking sector, Santander rose 0.75%, BBVA gained 0.19%, Caixabank climbed 1.52%, Sabadell advanced 1.04%, Bankinter increased by 2.23%, and Unicaja Banco was up 1.49%.

Among major non-financial stocks, Telefónica slipped 0.19%, Inditex dropped 0.28%, Iberdrola rose 0.70%, Cellnex fell 0.70%, and oil company Repsol advanced 0.74%.

Elsewhere in the utilities sector, Naturgy edged up 0.08%, while Endesa rose 0.55%.

(Reporting by Benjamín Mejías Valencia; editing by María Bayarri Cárdenas)