The Spanish stock index IBEX 35 opened Monday with a slight rise as it tried to surpass the 12,100-point level again after closing Friday its best week since April 2024 despite the scenario of geopolitical and economic uncertainty.

The week comes loaded with macroeconomic appointments, including a US inflation report that will give more clues on Wednesday about the Federal Reserve's plans for interest rates, and a likely rate cut by the European Central Bank (ECB) on Thursday.

The expected easing of financing conditions by the ECB and Swiss National Bank -- also on Thursday -- will have a favorable effect on European stocks and bonds, Bankinter analysts note on their Telegram channel.

Even so, according to these analysts, the Spanish selective index's continuous and unrelenting rises raise doubts for the future, as it could be necessary for the IBEX to register a correction.

"(The recent rises) should translate into some profit-taking on the stock markets, which they have been reluctant to accept for weeks... resistance that, we insist, is not good for the start of 2025, which could be weak if the stock markets continue to stop at nothing," they stress.

Looking ahead to 2025, the Renta 4 brokerage firm also focuses on the uncertainty of the imminent Donald Trump administration in the United States, but points out that the increase in volatility could lead to "better entry points in the stock markets".

The additional pressure on the euro that potential U.S. tariffs could cause would put the ECB in a more complicated situation, according to the analysis.

"(The ECB) would have to decide whether to support economic growth (accelerate pace of declines) or instead focus on its inflation control objective (maintain the current path or slow the pace)."

On Monday, traders will be watching the Sentix index, which measures investor confidence in the eurozone.

In equities, at 0805 GMT on Monday, the selective Spanish stock market index IBEX 35 was up 24.80 points, or 0.21%, to 12,096.80 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.42%.

In the banking sector, Santander rose 0.51%, BBVA gained 0.77%, Caixabank advanced 1.08%, Sabadell gained 1.24%, Bankinter gained 0.80%, and Unicaja Banco rose 1.53%.

Among the large non-financial stocks, Telefónica gained 0.12%, Inditex gave up 0.50%, Iberdrola lost 0.19%, Cellnex gained 0.29% and the oil company Repsol lost 0.35%.

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