The initial euphoria, triggered by a Washington Post report on softer-than-expected tariff plans, was deflated by Donald Trump's subsequent denial, but the news back-and-forth has highlighted the uncertainty surrounding the actual measures that will finally be approved by the new US administration.
In any case, the market will have plenty of entertainment this week with the release of numerous macroeconomic data on the U.S. economies -- most notably Friday's jobs report -- and Europe, as well as the minutes of the Federal Reserve's last meeting, to be released on Wednesday.
On Tuesday, the focus will be on the Eurozone's provisional price index, which according to a Reuters poll is expected to rebound from 2.2% year-on-year in November to 2.4% in December.
Bankinter analysts believe, however, that this week will not yet provide too many clues as to the direction of the year, which could see a setback after the significant rises of previous years.
"We believe that a readjustment is necessary after an excellent 2024 and 2023, considering that valuations are not infinite, that inflations are holding up despite what central banks say and with the IRRs (rates of return) of bonds rather high," they said on their Telegram channel.
"However, we won't have any halfway reliable guidance on the 2025 start-up tone until the end of this week at the earliest. But we will be able to appreciate the tone of volumes and that's something," they added.
At 08:05 GMT on Tuesday, Spain's selective IBEX 35 stock index was down 21.40 points, 0.18%, to 11,786.80 points, while the FTSE Eurofirst 300 index of large European stocks retreated 0.20%.
In the banking sector, Santander lost 0.59%, BBVA fell 0.18%, Caixabank dropped 0.34%, Sabadell fell 0.28%, Bankinter dropped 0.44% and Unicaja Banco lost 0.54%.
Among the large non-financial stocks, Telefónica fell 0.68%, Inditex advanced 0.47%, Iberdrola dropped 0.40%, Cellnex fell 0.53%, and the oil company Repsol lost 1.58%.
Outside the IBEX, OHLA fell by more than 5%, in a consolidation movement after its recent upward trend (+39% in December). On Monday, the group announced the consent of the bondholders to a refinancing within the framework of the group's recapitalization plan.
(Reporting by Tomás Cobos; edited by Javi West Larrañaga)