After three days of moderate rallies, the Spanish stock index IBEX 35 opened Tuesday with a slight advance that took it above 11,800 points, as the advance of large stocks was more powerful than the caution regarding this week's macroeconomic data.

The markets are attentive to several US labor market indicators that could influence the upcoming decisions of the Federal Reserve (Fed): the US job openings data (Tuesday), the ADP private employment figure (Wednesday) and the complete job creation report for November (Friday).

Fed Governor Christopher Waller added his two cents to the monetary debate on Monday by noting that, given that inflation is expected to continue to fall to 2%, he is "currently" inclined to support another rate cut later in the month.

Traders currently assign a 75% chance of a quarter-point cut at this month's Fed meeting, up from 66% a day earlier and 52% a week ago, according to CME's FedWatch tool.

The Fed outlook is not the only uncertainty facing financial markets, which are also grappling with fears about the collapse of the government in France, doubts about tariffs to be imposed by Donald Trump when he takes office in January, and war conflicts in Ukraine and the Middle East.

In this regard, Bankinter analysts highlight on their Telegram channel the possible precariousness of the recent rises in equities.

"The market digests everything with a sportsmanship that impresses and leads us to think that we should be somewhat defensive, in case 'the excesses were excessive'," they say.

The upward trend in the IBEX 35 was supported on Tuesday by large-cap stocks such as Santander, which rose 1.28%, BBVA, which gained 1.05%, and Inditex, which advanced 0.60%.

Overall, at 0815 GMT on Tuesday, Spain's selective IBEX 35 stock market index was up 89.60 points, or 0.76%, to 11,824.90 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.38%.

Among the rest of the banking sector, Caixabank advanced 1.28%, Sabadell gained 1.09%, Bankinter gained 0.83% and Unicaja Banco rose 1.12%.

As for large non-financial stocks, Telefónica gained 0.09%, Iberdrola rose 0.63%, Cellnex fell 0.65%, and the oil company Repsol rose 1.37%.

(Information by Tomás Cobos; edited by Benjamín Mejías Valencia)