The Ibex-35 was trading almost flat at Monday's opening, awaiting macroeconomic data that could influence the direction of interest rates and a new flurry of corporate results that will be more concentrated on Thursday.

The Spanish stock index was unable to extend the upward trend of the previous week and remained in the trading range in which it has been trapped since the end of November (9,900-10,250), while the debate continues as to when the cycle of cuts in the cost of borrowing by the major central banks will begin.

In this regard, the main events of the week will be the inflation readings to be released in the United States and the euro zone, which, together with the statements of several monetary leaders of the US Federal Reserve (Fed), will provide clues as to the start of the new monetary cycle.

Thursday will see the release of the Fed's favorite inflation gauge, the underlying personal consumption expenditures (PCE) report price index in January. Forecasts point to a "slight moderation (...) in the annual rate (2.8%e vs. 2.9% previously) but accelerating in the monthly rate (+0.4%e vs. +0.2% previously)," according to Renta 4 analysts.

Also during the week, the US will release the January ISM manufacturing and the Conference Board's consumer confidence.

According to the CME's FedWatch tool, markets put the possibility of Fed cuts in May at only 20%, shifting expectations instead to June, when bets for cuts stand at 70%.

In Europe, indices on confidence in the eurozone economy will be released on Wednesday and preliminary February CPI on Friday, where analysts expect a slowing reading of 2.9%.

That would be the lowest figure since early 2022, which could encourage the European Central Bank to kick-start its rate-cutting schedule, which markets say would begin in June. In the meantime, investors will be looking for comments from ECB President Christine Lagarde (1600 GMT) on Monday.

At 08:18 GMT on Monday, Spain's selective Ibex-35 stock market index was up 4.30 points, or 0.04%, to 10,134.90 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.15%.

In the banking sector, Santander lost 0.27%, BBVA gained 0.06%, Caixabank advanced 0.22%, Sabadell gained 0.34%, Bankinter gained 0.17%, and Unicaja Banco lost 0.10%.

Among the large non-financial stocks, Telefónica gained 0.03%, Inditex advanced 0.56%, Iberdrola lost 0.38%, Cellnex gained 0.09%, and the oil company Repsol lost 0.21%.

(Information by José Muñoz; edited by Tomás Cobos)