Spain's Ibex-35 stock index opened higher on Monday as investors hold their breath at the start of a week marked by meetings of several central banks.

The first will be the US Federal Reserve on June 13-14. The Fed has sent mixed signals, and the CME's FedWatch tool puts traders' bets that the Fed will take a pause in its rate hike race at 71%.

"In favor of the pause would be the deterioration seen in the most recent leading cycle indicators (PMIs, ISMs), while a further hike would be supported by a still very resilient labor market (JOLTS, ADP, official employment report), inflation still far from the 2% target and greater financial stability (regional banking) after the volatility experienced in March and April," wrote analysts at Renta4.

Key to the Fed's decision will be the inflation figure to be published in the US on Tuesday.

In recent weeks, markets have virtually wiped off the map expectations that the Fed will lower interest rates this year.

"The focus will be on the 'dot plot', which we recall in March pointed to a rate of 5.1% in Dec-23, 4.25% in Dec-24, 3.125% in Dec-25 and 2.5% in the longer term, not forgetting that in March there were four Fed members in favor of putting interest rates above 5.5% at year-end."

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

After the Fed, it will be the European Central Bank's turn on Thursday, where the consensus is for a 25 basis point hike. ECB President Christine Lagarde has reiterated her aggressive message in favor of the rate hikes needed to tackle inflation, and in a Reuters poll a clear majority agreed with this message.

Renta 4 forecasts "+25 bp to 3.5% in a context of inflation still clearly above the 2% target (headline May 6.1% and core 5.3%, very close to the 5.7% peak in March) and after multiple statements by ECB members warning of the need to continue raising interest rates to control the price level. We recall that at this meeting the macro picture will also be updated, where the most interesting thing will be to see their inflation forecasts".

Finally, the Bank of Japan is expected to maintain unchanged its ultra-loose monetary policy, a stance defended by current governor Kazuo Ueda.

At 07:05 GMT on Monday, the Spanish selective stock market index Ibex-35 was up 44.40 points, or 0.48%, to 9,354.10 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.53%.

The energy company Solaria Energia y Medio Ambiente dominated the opening board with a rise of 5.69%, after RBC raised its recommendation from "equal to sector" to "overweight" and cut its target price from 17 to 16 euros.

Outside the Ibex, Opdenergy stood out, up 44%, after Antin launched a takeover bid for the renewable energy group.

In the banking sector, Santander rose 0.23%, BBVA gained 0.58%, Caixabank advanced 0.39%, Sabadell gained 0.43%, Bankinter gained 0.46%, and Unicaja Banco rose 0.54%.

Among the large non-financial stocks, Telefónica gained 0.36%, Inditex advanced 0.99%, Iberdrola gained 0.78% after announcing an agreement for the sale of assets in Mexico, Cellnex gained 0.46%, and the oil company Repsol lost 0.59%.

The construction company Sacyr rose 0.9% after announcing the sale of its services subsidiary Valoriza.

(Information by José Muñoz, edited by Tomás Cobos)