The Spanish stock index Ibex-35 opened with a moderate decline, in what could be its sixth consecutive day in negative territory, with investors awaiting the war between Israel and Hamas, the quarterly reports of companies and the economic and monetary outlook.

"All eyes remain on the macro (degree of deterioration of the European and American cycle?) and its impact on monetary policy, the 3Q23 results and the conflict in the Middle East", said the securities firm Renta 4, which highlighted the scarce impact on the European indices of the fiscal aid announced in China.

These analysts point out that the main macroeconomic reference of the session will be the German IFO index for October (0800 GMT), which could show similar levels to those of September, while awaiting Thursday's meeting of the European Central Bank (ECB).

In the Spanish corporate sector, Santander's quarterly results were received with a 0.64% decrease, while in the United States, Meta Platforms' figures will be known, after Microsoft's were published the day before.

In this context, at 0715 GMT on Wednesday, the selective Spanish stock market index Ibex-35 fell 32.50 points, or 0.36%, to 8,943.30 points, while the FTSE Eurofirst 300 index of large European stocks fell 0.10%.

In the banking sector, BBVA fell 0.57%, Caixabank advanced 0.14%, Sabadell gained 0.19%, Bankinter dropped 0.47%, and Unicaja Banco lost 0.46%.

Among the large non-financial stocks, Telefónica fell 1.18%, Inditex dropped 0.52%, Iberdrola gained 0.34%, Cellnex fell 1.51%, and the oil company Repsol lost 0.69%.

(Report by Tomás Cobos; edited in Spanish by Benjamín Mejías Valencia)