The IBEX 35 opened Thursday with a moderate rebound after two sessions of declines, following inflation figures that confirmed the need to cool monetary easing in the United States, while concerns persist over Donald Trump's protectionist policies.

Investors took note of comments from Mexican leaders, who warned of economic problems for the United States should the new occupant of the White House follow through on his promise to impose high tariffs on its major trading partners.

Analysts and economic leaders around the world have warned that if this scenario of a likely trade war in 2025 is confirmed, the damage to the global economy will be significant, in addition to the risk of reviving the inflation problem.

This dynamic would further contribute to moderating the pace of interest rate cuts in the United States, which the consumer deflator, or PCE, confirmed on Wednesday is already experiencing a rebound in prices.

However, Renta 4 analysts highlight in their daily report that "ECB president, (Christine) Lagarde, has defended the option of negotiating (buying more US products to avoid/soften the imposition of new tariffs) and 2) the restrictions on sales of semiconductors to China could be less than rumored".

In any case, Thursday's trading day will be marked by the Thanksgiving holiday on Wall Street, which will also only be open for half a day on Friday.

In Spain, the selective Spanish stock market IBEX 35 was up 40.60 points at 08:15 GMT on Thursday, an advance of 0.35%, to 11,620.10 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.42%.

In the banking sector, Santander rose 0.69%, BBVA gained 1.18%, Caixabank advanced 0.67%, Sabadell gained 1.28%, Bankinter gained 0.82%, and Unicaja Banco rose 1.00%.

Among the large non-financial stocks, Telefónica gained 0.02%, Inditex advanced 0.15%, Iberdrola gained 0.07%, Cellnex gained 0.15%, and the oil company Repsol rose 0.34%.

(Information by Tomás Cobos; editing by Mireia Merino)