IBEX 35 
Markets have priced in two rate cuts in the US this year, the first in September, but expectations could be altered by growth and consumer price data to be released this week.
US gross domestic product growth--to be released on Thursday--is expected to show annualized growth of 1.9% in the second quarter, while the Atlanta Fed's GDPNow indicator points to growth of 2.7%, suggesting some upside risk.
The underlying personal consumption expenditures index, the Fed's preferred inflation measure and due out Friday, is forecast to rise 0.1% in June, slowing the annual pace to 2.5%.
The data "will continue to paint the scenario for central bank action and could confirm the expectation of a first rate cut by the Fed and a second by the ECB in September (95% and 65% probabilities, respectively and data-dependent)," Renta 4 analysts said in a note to clients.
Before markets opened, Spanish bank Sabadell was up 1.10% after reporting a 34.5% increase in net profit in the second quarter thanks to higher loan income, while Spanish gas network operator Enagas was trading at the bottom of the IBEX 35 down 1.59% after reporting a loss for the first half of the year.
Spanish electricity company Naturgy led the gains with 2.01% after saying it expects its net profit this year to exceed 1.8 billion euros (1.96 billion dollars).
At 0718 GMT on Tuesday, Spain's IBEX 35 was up 5.10 points, or 0.05%, to 11,148.90 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.01%.
In the banking sector, Santander lost 0.02%, BBVA gained 0.35%, Caixabank advanced 0.62%, Bankinter lost 0.27%, and Unicaja Banco lost 0.07%.
Among the large non-financial stocks, Telefónica fell 0.97%, Inditex advanced 0.02%, Iberdrola gained 0.04%, Cellnex fell 0.31%, and the oil company Repsol dropped 0.11%.
(Information by Benjamín Mejías Valencia; edited by Javi West Larrañaga)
