The Spanish Ibex-35 index opened lower on Tuesday, at a time when the recent bullish mood has been replaced by a cautious sentiment in the stock markets ahead of next week's central bank meetings.

The Reserve Bank of Australia led the way on Tuesday, when it raised interest rates by a quarter percentage point to 11-year highs and warned of possible future hikes to curb inflation.

Next to jump in will be the U.S. Federal Reserve, which meets June 13-14. Its economic leaders are in a "blackout" period ahead of the meeting, but Monday's weak service sector data supports the idea of a pause in rate hikes, increasingly supported by markets.

According to CME's FedWatch tool, investors place an 82% chance that the Fed will not raise rates in June, up from 36% the previous week.

The European Central Bank will make an interest rate decision on June 15. Its president, Christine Lagarde, acknowledged on Monday signs that recent hikes are starting to have an effect, but added that it is too early to talk about a ceiling, reaffirming the idea of a June hike.

"The market discounts +25bp in June, which could be followed by another +25bp in July or September to a deposit rate of 3.75%, which would bring the total hike from Jul-22 to 425bp," Renta 4 analysts wrote regarding the ECB.

Later in the day, Eurozone April retail sales data will be released (09:00 GMT), "which could offer further signs of a cyclical slowdown," they added.

"This data would add to the stronger-than-expected weakness seen yesterday in the June Eurozone Sentix, pointing the survey to levels consistent with recession. In the same vein, May's final PMIs came in below preliminary PMIs in services and composite, a sign that although the services sector remains in expansion, it is also showing deceleration from the previous month."

In this context,at 07:15 GMT on Tuesday, the selective Spanish stock market index Ibex-35 fell 10.70 points, or 0.12%, to 9,278.40 points, while the FTSE Eurofirst 300 index of large European stocks fell 0.10%.

In the banking sector, Santander lost 0.42%, BBVA fell 0.37%, Caixabank dropped 0.75%, Sabadell fell 0.31%, Bankinter dropped 0.18%, and Unicaja Banco lost 0.16%.

Among the large non-financial stocks, Telefónica fell 0.38%, Inditex dropped 0.09%, Iberdrola gained 0.26%, Cellnex gained 0.05%, and the oil company Repsol rose 0.42%.

(Information by José Muñoz; edited by Darío Fernández)