On Monday, the Ibex-35 reinforced the 8,900 points barrier and opened with a positive bias, in line with European markets, pending a battery of data and central bank decisions, while caution is maintained regarding the development of the crisis in the Middle East.

During the week, loaded with key data, the outcome of the Federal Reserve (Wednesday), the Bank of Japan (Tuesday) and the Bank of England (Thursday) meetings will be known.

"In all cases we expect rates to remain unchanged, with a market that understands that rates have already peaked in the US and Europe in a context of moderation (effective or expected) in economic activity, awaiting the full impact of the rate hikes already implemented in both growth and inflation, and with IRRs at maximums that maintain restrictive financial conditions", say the analysts at the Renta 4 securities firm in their daily analysis note.

"The market is discounting the first rate cut for mid-2024, although this move will be totally data-dependent, so we will continue to analyze inflation data," they add in relation to the US Federal Reserve.

The ADP employment survey and vacancy report (JOLTS) will be released in the U.S. on Wednesday, while the official U.S. jobs report will be released on Friday.

Across the Atlantic, preliminary October CPI data will set the stage for upcoming European Central Bank decisions. Spain's provisional October HICP released on Monday rose by 3.5% y-o-y against a forecast of 3.7%.

Meanwhile, the geopolitical situation remains in high tension as Israeli troops, backed by tanks, have entered northern Gaza with a ground assault that has prompted increased international calls to protect civilians.

Against this backdrop, at 08:15 GMT on Monday, Spain's selective Ibex-35 stock market index was up 59.90 points, or 0.67%, to 8,978.20 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.71%.

In the banking sector, Santander rose 0.46%, BBVA gained 0.08%, Caixabank advanced 0.13%, Sabadell fell 0.09%, and Unicaja Banco lost 4.67% after publishing its quarterly results.

Among the large non-financial stocks, Telefónica gained 2.21%, Inditex advanced 0.89%, Iberdrola gained 1.16%, Cellnex fell 0.08%, and the oil company Repsol rose 0.18%.

(Report by Flora Gómez; edited by Tomás Cobos)