Jan 18 (Reuters) - The Ibex-35 failed to put a floor to the fall of the last three sessions at the opening on Thursday, as investors calibrate their projections on monetary policy.

Renta 4 analysts point out that, in a context of a "generalized rebound in IRRs due to the cooling of overly optimistic rate cut expectations", on Thursday there will be interest in the minutes of the meeting held in mid-December by the European Central Bank (ECB).

"From Renta 4 Banco we expect 4 rate cuts, 100 bp (basis points), with the first one in June, when the ECB will have more information on the evolution of wages, where a substantial improvement is not expected in the short term, taking into account that it is a quarterly information and that it is known with delay, and where growth of 4/4.5% is still expected, while waiting to see if labor markets show some moderation from very solid levels".

Elsewhere during the session, weekly US unemployment figures will be released and there will also be interest in quarterly earnings reports from US companies.

At 0805 GMT on Thursday, Spain's selective Ibex-35 stock market index was down 9.30 points, or 0.09%, to 9,858.50 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.01%.

In the banking sector, Santander lost 0.11%, BBVA fell 0.17%, Caixabank advanced 0.05%, Sabadell gained 0.27%, Bankinter lost 0.07%, and Unicaja Banco lost 0.11%.

Among the large non-financial stocks, Telefónica fell 0.74%, Inditex advanced 0.31%, Iberdrola dropped 0.74%, Cellnex fell 0.03%, and the oil company Repsol rose 0.84%.

The blood derivatives group Grifols fell 2%, in the context of the attention placed on the company after the negative report of the bearish fund Gotham City published last week.

According to sources consulted by Reuters, the European Central Bank has asked some financial institutions to detail their exposure to the pharmaceutical company and its related entities, after Gotham accused it of manipulating its financial accounts in order to have lower leverage levels.

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