The IBEX 35 opened Thursday's session with little change, as investors awaited a crucial US employment report that could justify imminent interest rate cuts by the Federal Reserve, and watched for Congressional approval of a massive tax and spending bill in the United States.

The main risk event for markets today will be the release of US employment figures. Analysts expect an increase of 110,000 jobs in June and a rise in the unemployment rate to 4.3%, but there is much at stake after the private sector payrolls report surprised with its first decline in over two years.

The resilience of the labor market remains one of the primary reasons why most Federal Reserve members say they can afford to delay rate cuts until they can better assess the real impact of tariffs on inflation.

According to Bankinter, "equity markets are expected to maintain a moderately positive tone today."

Investors are also awaiting Congressional approval of President Trump's massive tax and spending bill. However, House Republicans are struggling to unite in support of the legislation.

"If we continue to see progress on the tariff front and final Congressional approval of the Fiscal Plan is confirmed, it is possible that the positive tone could persist in the coming days," analysts stated on their Telegram channel.

In addition to the US employment data, markets will be watching for the release of the US ISM services index (1400 GMT) and final June PMI readings from various countries. Before the market opened, the Caixin PMI showed that China's services sector growth hit its lowest level in nine months.

At 0715 GMT on Thursday, Spain's benchmark IBEX 35 index was up 0.40 points, or 0.00%, at 14,045.00 points, while the FTSE Eurofirst 300 index of leading European shares rose 0.27%.

In the banking sector, Santander fell 0.35%, BBVA edged up 0.04%, Caixabank advanced 0.83%, Sabadell gained 0.32%, Bankinter rose 0.27%, and Unicaja Banco increased 0.35%.

Among major non-financial stocks, Telefónica gained 0.40%, Inditex rose 0.18%, Iberdrola slipped 0.37%, Cellnex dropped 0.18%, and oil company Repsol climbed 1.02%.

Among other utilities, Naturgy was up 0.07%, while Endesa lost 1.01%.

(Reporting by Benjamín Mejías Valencia; editing by María Bayarri Cárdenas)