The Spanish stock market index IBEX 35 opened lower in the penultimate session of 2024 after closing Friday above the 11,500 point level and thus began a week in which market activity will be reduced due to the imminence of the New Year holidays and a rather scarce data agenda.

Investors will have one eye on the rally in US Treasury bond yields, which has challenged Wall Street prices, while the US dollar approaches multi-month highs.

On the same side of the Atlantic, Renta4 analysts believe that "there are many 'moving parts' awaiting the definition of Trump 2.0 policies, with potentially relevant implications in terms of growth, inflation, monetary and fiscal policy".

Therefore, according to the analysts, a "Republican wave" could give US President-elect Donald Trump two years to act without opposition by 2025.

On the macroeconomic front, preliminary CPI data for December in Spain have been published and S&P Global will also release the final US manufacturing PMI for December later in the day.

The markets will remain open for half a session on the 31st and closed on January 1st.

Thus, at 08:22 GMT on Monday, the IBEX 35 fell 33.20 points, or 0.29%, to 11,498.40 points, while the FTSE Eurofirst 300 index of large European stocks fell 0.39%.

In the banking sector, Santander lost 0.73%, BBVA fell 0.75%, Caixabank dropped 0.15%, Sabadell fell 0.86%, Bankinter dropped 0.43%, and Unicaja Banco lost 0.32%. Among the large non-financial stocks, Telefónica fell 0.23%, Inditex advanced 0.02%, Iberdrola gained 0.04%, and Cellnex fell 0.33%.

(Information by Mireia Merino; edition by Jorge Ollero Castela)