The Spanish stock index Ibex-35 trimmed positions at Monday's opening as it opted for caution in a week full of central bank meetings, while keeping an eye on the situation in the Chinese real estate sector.

On Monday, troubled developer Evergrande Group reignited concerns about the Chinese economy after police detained some of the staff of its wealth management subsidiary, causing its shares to plunge 25% on the stock market.

This news dampened the optimism with which it ended last week, following signs of a possible end to the European Central Bank's rate hikes.

Without having yet digested the news from the institution presided by Christine Lagarde, investors will receive an update on Wednesday from the US Federal Reserve (Fed), which is not expected to increase the cost of debt at this meeting.

"Even if we expect a pause this week, we expect Powell to repeat that rates will remain at restrictive levels for a long season and until inflation is sustainably heading towards the 2% target, for which a further slowdown in the economy and especially in the labor market is necessary," say analysts at the Renta 4 securities house in their daily report.

"Attention in this regard to the update of the macro picture and the 'dot plot' whose potential revision (fewer rate cuts by 2024) would be a signal of 'high rates for longer'," they add.

Apart from the Fed meeting, the main references of the week for financial markets will be the meetings of the People's Bank of China (Wednesday), the Bank of England (Thursday) and the Bank of Japan (Friday), as well as PMI surveys (Friday).

The dot plot is a document that reflects where Fed members (anonymously) expect interest rates to be in the coming years.

After rising almost 2% last week, at 07:02 GMT on Monday the Spanish selective stock market index Ibex-35 was down 13.30 points, or 0.14%, to 9,536.40 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.19%.

In the banking sector, Santander lost 0.50%, BBVA fell 0.08%, Caixabank advanced 0.40%, Sabadell gained 1.01%, Bankinter gained 0.41%, and Unicaja Banco rose 0.30%.

Among the large non-financial stocks, Telefónica fell 0.13%, Inditex dropped 0.11%, Iberdrola lost 0.59%, Cellnex fell 0.31%, and the oil company Repsol rose 0.59%.

(Information by Tomás Cobos; edited by Flora Gómez)