IBEX 35 
Markets will focus on the US November inflation data, which will be released at 1330 GMT, to try to estimate the speed and scope of the Federal Reserve's cutting cycle in 2025.
Ninety percent of economists polled by Reuters expect a 25 basis point (bp) cut at the Fed's December 18 meeting, with most expecting a pause in late January on concerns about inflationary risks.
Bankinter analysts stress that if the inflation data is higher than expected, markets will react bearishly, but that this would not necessarily be a bad thing because the pace of stock markets has been too fast in 2024.
"It would be better if inflation is only a little higher than expected so that the market internalizes that this is really going to happen in the coming months (inflation picking up, and also in Europe) and stops to think a little about prices and valuations before continuing to move forward," they point out on their Telegram channel.
On Thursday, rate cuts by the European Central Bank (ECB) and the Swiss central bank, which are already fully priced in, could be positive factors for stock markets.
Against this backdrop, at 0810 GMT on Wednesday, the selective Spanish stock market index IBEX 35 was down 125.90 points, or 1.05%, to 11,839.60 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.16%.
The fashion giant Inditex stood out, which fell by 5.48% after announcing that sales between February and October rose by 7.1% year-on-year, but below the consensus estimate of 8%.
In the banking sector, Santander rose 0.37%, BBVA fell 0.44%, Caixabank advanced 0.30%, Sabadell fell 0.29%, Bankinter gained 0.42%, and Unicaja Banco rose 0.30%.
Among the large non-financial stocks, Telefónica gained 0.12%, Iberdrola dropped 0.30%, Cellnex fell 0.51%, and the oil company Repsol lost 0.39%.
(Information by Javi West Larrañaga; edited by Tomás Cobos).
