Spain's main Ibex-35 index opened Thursday with a moderate rally, buoyed by a temporary solution that averted the US government shutdown, although concerns over deteriorating economic activity contained the rally.

The U.S. Congress passed a stopgap Administration funding bill late on Saturday with overwhelming Democratic support, although in practice the measure only allows the process to be prolonged, as the new measure expires on November 17.

Adding to the stopgap nature of the act was fear of the dramatic increase in the cost of debt implemented by central banks over the past year, which has caused a major slowdown in the world's major economies.

"The markets seem to be beginning to digest the risk of weak growth (even recession in economies such as Germany) in the face of macro data that are gradually reflecting the gradual impact of the intense rate hikes," said Renta 4 in its daily report.

These analysts indicate that, although the end of interest rate hikes is near, no rate cuts are expected in the short term, contrary to initial forecasts.

"This scenario of higher rates for longer will continue to weigh on the economic cycle and, foreseeably, on corporate earnings," they explain.

This week will bring important macroeconomic news, with the manufacturing PMI surveys on Monday and the US monthly employment report on Friday.

At 0736 GMT on Monday, Spain's selective Ibex-35 stock market index was up 57.60 points, or 0.61%, to 9,485.60 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.39%.

In any case, the temporary relief for the United States allowed the Spanish market to settle above 9,400 points, in a context of advance in Wall Street futures.

On the other hand, the high price of oil put downward pressure on equities, with Brent crude rising 0.6% to 92.73 dollars per barrel, while US light oil WTI gained 0.64% to 91.37 dollars per barrel.

In the banking sector, Santander was up 0.93%, BBVA was up 0.65%, Caixabank was up 0.98%, Sabadell was up 1.14%, Bankinter was up 0.60%, and Unicaja Banco was up 1.67%.

Among the large non-financial stocks, Telefónica fell 0.26%, Inditex advanced 0.34%, Iberdrola gained 0.80%, Cellnex fell 0.52%, and the oil company Repsol rose 0.51%.

Solaria Energía, whose shares rose 2.32% to 14.99 euros after presenting a positive report on the evolution of the business and a contract with Endesa on Friday, once again stood out.

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