IBEX 35 
The Spanish stock index fell 0.8% on Tuesday after the U.S. president-elect sparked fears of a full-scale trade war after promising tariffs on goods from his three largest trading partners, Mexico, Canada and China.
These concerns largely offset relief over the cessation of hostilities between Israel and Hezbollah, pending also to see if it has an effect.
Analysts at Bankinter indicate on their Telegram channel that the focus of the day will be on the US consumer deflator, known as the PCE index, the main inflation benchmark for the Federal Reserve (Fed).
According to a Reuters poll, a rebound of 2.1% to 2.3% is expected in the headline rate and 2.7% to 2.8% in the core rate, which excludes prices and unprocessed food.
"(The eventual increase in inflation) coupled with the strength of the economy (today we will confirm GDP +2.8% for 3Q 2024), highlights the reduced need for rate cuts by the Fed," said Bankinter.
The US GDP data will be released, as well as the PCE, at 1330 GMT.
"As such, stocks and bonds are most likely to correct somewhat today. This should be the general trend in this final stretch of the year, after the accumulated increases (+26% in the US), in an environment of higher bond yields and rising risk premiums due to greater geopolitical tensions," they added.
Against this backdrop, at 08:23 GMT on Wednesday, the selective Spanish stock market IBEX 35 fell 58.60 points, or 0.50%, to 11,559.30 points, while the FTSE Eurofirst 300 index of large European stocks fell 0.42%.In the banking sector, Santander lost 0.51%, BBVA fell 0.60%, Caixabank advanced 0.36%, Sabadell fell 0.25%, Bankinter dropped 0.13%, and Unicaja Banco lost 0.74%.Among the large non-financial stocks, Telefónica gained 0.12%, Inditex fell 0.84%, Iberdrola dropped 0.52%, Cellnex fell 0.03%, and the oil company Repsol lost 1.14%.
(Information by Tomás Cobos; edition by Mireia Merino)
