22 May - The Ibex-35, Spain's main stock market index, opened higher on Monday, heading for its fourth consecutive day of gains, after an unexpected break in US debt ceiling negotiations and Federal Reserve Chairman Jerome Powell indicated his preference for slowing rate hikes.

U.S. President Joe Biden, a Democrat, and Republican House Speaker Kevin McCarthy will resume negotiations on Monday as the key early June date approaches, when the Treasury expects the country would struggle to pay its debts.

On the day, May consumer confidence is expected to be released (1400 GMT) and during the week markets will turn their attention to the US central bank's May meeting minutes, due on Wednesday, while personal consumption expenditure (PCE) inflation data will be released on Friday.

"Those two references (the debt limit negotiation and the inflation indicator) are the only ones capable of moving a market that continues to go through a consolidation stage because it finds no reason to sell, but also no clear stimulus to continue buying," Bankinter analysts said in their daily report.

At 0705 GMT on Monday, Spain's selective Ibex-35 stock market index was up 6.60 points, or 0.07%, to 9,258.10 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.03%.

In the banking sector, Santander lost 0.11%, BBVA gained 0.22%, Caixabank advanced 0.18%, Sabadell fell 0.06%, Bankinter gained 0.31%, and Unicaja Banco rose 0.16%.

The insurance group Mapfre, which pays a dividend this week, fell by 4%.

Among the large non-financial stocks, Telefónica gained 0.56%, Inditex advanced 0.10%, Iberdrola gained 0.04%, Cellnex gained 0.45%, and the oil company Repsol rose 0.04%.

Among the other electricity companies, Naturgy gained 0.45%, while Endesa advanced 0.03%.

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