The Spanish stock index IBEX 35 opened Tuesday lower after closing the previous day at 11,600 points and on a day in which the main catalyst will be the ZEW survey on confidence in the German economy.

Traders will also keep an eye on the US inflation data to be published on Wednesday to see how it affects market expectations of a cut in the Federal Reserve's December meeting.

Trump's policies are seen as inflationary, so the Fed may have to put the brakes on its cutting cycle.

According to CME Group's FedWatch tool, markets reflect a 69% probability of a 25 basis point Fed cut, compared to 80% a week ago.

For now, Fed Chairman Jerome Powell has said that the election will not influence the Fed's monetary policy "in the near term," but monetary leaders are expected to provide more clues on the future of the cycle at the Dec. 17-18 meeting.

Bitcoin was still soaring on Tuesday and was approaching $90,000 on hopes of less regulation under a Trump presidency.

Even so, and despite the fact that the dollar, bitcoin and other investments linked to the Republican candidate's victory continue to rise, Bankinter analysts point out on their Telegram channel that optimism is beginning to wane in other sectors.

"What we could call 'the animal spirit of the market' unleashed after Trump's victory begins to run out and probably enters a second stage of reflection and cooling as it begins to be visualized that not everything will be good because fewer rate cuts will negatively affect valuations (stock markets and bonds) from an overall perspective, but particularly more so for technology."

Bankinter also stresses that any delay in the Fed's cutting schedule directly affects the European Central Bank (ECB), because if Frankfurt lowers rates it risks importing inflation and the euro seriously depreciating.

On the macroeconomic front, markets will be watching during the week for the Eurozone's third quarter GDP growth, to be released on Thursday, and US retail sales, to be released on Friday, among other indicators.

As for equities, the results season is coming to an end and the quarterly results of large European companies such as Vodafone, Bayer, AstraZeneca and Spain's ACS will be released during the day.

Inmocemento, the cement and real estate company spun off from the Spanish construction company FCC, also makes its debut on the Spanish stock exchange with a reference price of 4.25 euros.

Thus, at 0815 GMT on Tuesday, the selective Spanish stock market index IBEX 35 fell 104.90 points, or 0.90%, to 11,492.40 points, while the FTSE Eurofirst 300 index of large European stocks fell by 1.00%.

In the banking sector, Santander lost 1.03%, BBVA fell 0.77%, Caixabank gave up 0.32%, Sabadell fell 0.71%, Bankinter dropped 0.11% and Unicaja Banco lost 0.59%.

Among the large non-financial stocks, Telefónica fell 0.63%, Inditex dropped 0.82%, Iberdrola dropped 1.16%, Cellnex fell 1.60%, and the oil company Repsol lost 0.09%.

(Information by Javi West Larrañaga; edited by Benjamín Mejías Valencia)