Disappointing economic news from China's National People's Congress held back the Spanish Ibex-35 stock index at Tuesday's opening, although movements were small in anticipation of statements from the Federal Reserve chairman and other monetary and macroeconomic appointments.

Chinese Premier Li Qiang announced an ambitious economic growth target for 2024 of around 5%, although some observers pointed out that it will be difficult to achieve it and highlighted the absence of new stimulus measures.

"Although the ambitious growth target could seek to boost investor confidence, it is unlikely to do so (...), in the absence of additional fiscal stimulus and especially given that, for the first time in 30 years (since 1993), Premier Li Qiang's subsequent press conference has been suspended, a suspension that will remain in place for the remainder of his term, until 2027, and which allows him to avoid direct questions from the media," said securities house Renta 4.

"Further proof of the opacity of economic policies in the country," these analysts added.

Investors remained in any case focused on speculation about when the cuts in the cost of debt by the European Central Bank (ECB) and the US Federal Reserve (Fed) will begin, with several references that could provide clues in this regard.

On Wednesday, the main event will be the semi-annual appearance before Congress of the Fed's top official, Jerome Powell, where he is expected to reiterate the idea of waiting to start cutting rates.

Before that, PMI surveys for the services sector will be published in Europe and the United States (Tuesday), and after the current session the markets will shift their focus to the European Central Bank meeting (Thursday) and the US labor market reports, especially the monthly job creation data (Friday).

Analysts at IG also pointed out the negative impact on the stock market of the increase in bond yields in the fixed-income market, which means a rise in the cost of financing for governments, companies and individuals.

Against this negative backdrop, at 08:19 GMT on Tuesday, the selective Spanish stock market Ibex-35 was up 0.05% at 10,075.00 points.

Cellnex rose by 3.3% on the back of the positive reception to the news of its investor day, while Grifols continued to be penalized after the negative reception to last week's results presentation.

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