The Spanish stock market index IBEX 35 opened Tuesday without major variations, in a cautious scenario awaiting the decisions of the U.S. Federal Reserve, the Bank of Japan and the Bank of England on interest rates, as well as the publication of corporate results on both sides of the Atlantic.

The Fed is not expected to make a move on Wednesday, after a two-day meeting, although markets are betting that the US central bank will start cutting rates at its next meeting in September.

Investors will be watching for any clues that Fed Chairman Jerome Powell may drop about how soon policymakers are ready to ease monetary policy at his press conference.

Meanwhile, the Bank of England's first rate cut since 2020 hangs in the balance amid heightened uncertainty, with markets in Japan currently projecting a 63% chance of a 10 basis point hike.

Later in the day, Microsoft and chipmaker AMD will report their results after the opening of the New York session.

Before the open, Unicaja led losses with a 7.32% decline after reporting lower loan income due to higher funding costs.

Indra rose 0.89% after raising its forecast for 2024, while Acciona and Acciona Energy led the IBEX 35 gains after publishing results above estimates.

On the macroeconomic front, investors will focus their attention on the release of preliminary GDP for the eurozone (0900 GMT) and Germany (0800 GMT) and German inflation (1200 GMT), as well as JOLTS job openings and US consumer confidence (1400 GMT).

"In Europe 2Q GDP (11h; +0.5% sp. y/y vs +0.4% avg.) and German CPI (14h; repeat +2.2% sp.) will show the economy recovering while inflation continues to sit at 'comfortable' levels for the ECB," Bankinter analysts said on Telegram. "It will be an appetizer of tomorrow's European CPI."

Just at the opening of the market, Spain's CPI for July was known, which came in three tenths below expectations, news that is expected to be well received at the European Central Bank (ECB).

At 0710 GMT on Tuesday, the selective Spanish stock market index IBEX 35 was up 7.70 points, or 0.08%, to 11,126.20 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.23%.

In the banking sector, Santander lost 0.36%, BBVA fell 0.15%, Caixabank dropped 0.82%, Sabadell fell 0.83% and Bankinter lost 0.78%.

Among the large non-financial stocks, Telefónica gained 0.41%, Inditex advanced 0.36%, Iberdrola gained 0.04%, Cellnex gained 0.74%, and the oil company Repsol rose 0.35%.

(Information by Benjamín Mejías Valencia; edited by Tomás Cobos)