The Spanish stock market index Ibex-35 rose slightly on Monday and surpassed the 9,300-point mark, although the upward streak was held back by tension in the Middle East and profit-taking after five upward sessions.

In any case, the market backdrop remained positive in view of the perception that the monetary tightening of the major central banks may have come to an end.

The case for this scenario - and for possible interest rate cuts in the early summer of 2024 - gained strength last week with inflation reports from the euro zone and employment in the United States, as well as comments from the head of the US Federal Reserve.

"(The) weaker-than-expected macro data in the U.S. (...) reduces the odds of a further rate hike and increases the likelihood of rate hikes in 2024," said analysts at equity house Renta 4, noting the decline in bond yields, another positive factor for equities.

Despite this favorable context for the stock markets, some investors took advantage of the situation to take profits, waiting for new bullish drivers and cautious about the events in the Middle East, where Israel continued its offensive on Gaza despite calls for a ceasefire.

At 08:23 GMT on Monday, Spain's selective Ibex-35 stock market index was up 12.70 points, or 0.14%, to 9,306.60 points, its highest level since October 12, while the FTSE Eurofirst 300 index of large European stocks was up 0.17%.

In the banking sector, Santander lost 0.07%, BBVA fell 0.65%, Caixabank advanced 0.26%, Sabadell gained 0.46%, Bankinter dropped 0.03%, and Unicaja Banco rose 0.30%.

Among the large non-financial stocks, Telefónica gained 0.27%, Inditex advanced 0.75%, Iberdrola gained 0.05%, Cellnex fell 0.82%, and the oil company Repsol rose 0.54%.

(Information by Tomás Cobos; edited by Flora Gómez)