Spain's Ibex-35 stock index opened little changed on Monday, in an unsettled market following the foiled riot in Russia, as it continues to assimilate that the interest rates of the major central banks have not yet peaked.

"Uncomfortably high price levels warrant further hikes and/or continued high rates for a season, which in turn will further weigh on the economic cycle," said securities house Renta 4.

In this regard, these analysts highlight Monday's release of the IFO survey in Germany, which could bring more signs of slowing activity, as well as the central bank forum in Portugal, which will take place from Monday to Wednesday and could bring more hawkish comments on monetary matters.

"Despite the further slowdown in the cycle, persistently high inflation, especially in services, hinders central banks' decision making," Renta 4 said.

On the geopolitical front, investors were trying to decipher what the foiled mutiny by Wagner's mercenaries in Russia will mean for the war in Ukraine, which for the moment brought little reaction in financial markets beyond some risk aversion.

At 0705 GMT on Monday, Spain's selective Ibex-35 stock market index was down 1.40 points, or 0.02%, to 9,264.40 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.03%.

In the banking sector, Santander lost 0.67%, BBVA fell 0.48%, Caixabank ceded 0.71%, Sabadell fell 0.52%, Bankinter dropped 2.06%, and Unicaja Banco lost 0.50%.

Among the large non-financial stocks, Telefónica fell 0.03%, Inditex advanced 0.65%, Iberdrola gained 0.13%, Cellnex fell 0.22%, and the oil company Repsol rose 0.54%.

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