The IBEX 35 stock index began Tuesday's trading day with a moderate decline, following an inauguration of Donald Trump that did not resolve the multiple uncertainties about the policies he will implement in his second term.

Financial markets reacted with volatility and nervousness in the first hours of Trump's presidency, especially due to comments regarding foreign trade.

Investors initially cheered the possibility of a delay in the implementation of tariffs after a brief mention of the issue in his speech, but the president said shortly thereafter that he was considering imposing import taxes of 25% on Mexico and Canada on February 1 if they did nothing to stop fentanyl and immigrants from entering the United States.

This announcement caused the dollar to rally and pushed Wall Street futures -- closed Monday for a holiday -- into negative territory.

"The most important thing was what didn't happen: as we estimated, his statements were more populist than effective, without creating confusion in the market by focusing on immigration and other short-term inconcrete aspects (exit from the Paris Climate Agreement, producing more oil and gas, e.g.)," Bankinter analysts said on their Telegram channel.

The president also did not allude to cryptocurrencies, "so they bounced around a bit and then plummeted simply because he didn't say anything about them," they added.

Given this lack of definition, the market will foreseeably remain on edge in the coming days, with little interest in taking new risk positions.

During the day, the only important reference on the macroeconomic front will be the ZEW survey of economic confidence in Germany (1000 GMT), for which a slight decline is expected.

At 08:05 GMT on Tuesday, the Spanish selective stock market index IBEX 35 was down 76.50 points, or 0.64%, to 11,867.10 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.03%.

In the banking sector, Santander lost 1.36%, BBVA fell 1.49%, Caixabank gave up 0.43%, Sabadell fell 0.51%, Bankinter dropped 0.19%, and Unicaja Banco rose 0.22%.

Among the large non-financial stocks, Telefónica fell 0.03%, Inditex dropped 0.02%, Iberdrola dropped 0.79%, Cellnex fell 0.47%, and the oil company Repsol lost 0.65%.

In the area of companies with exposure to renewable energies, Acciona Energía fell 2.79% and Solaria fell 3.29%, after Trump withdrew the United States from the Paris climate agreement.

(Information by Tomás Cobos; edition by Javi West Larrañaga)