Spain's Ibex-35 stock index extended the streak of declines on Thursday and was exposed to fall below 9,300 points, after hard-line comments from global central banks, including the U.S. Federal Reserve, made investors nervous about the economic cost of controlling inflation.

Surprise rate hikes and hawkish comments from central banks around the world have reignited market fears that policymakers will have to further tighten monetary policy to control inflation, even at the risk of sending their economies into recession.

On the macroeconomic front, investors will be looking ahead to the release of PMIs in the eurozone, the UK and the US.

"Some deterioration is expected in services components, although remaining in expansionary territory, as well as stability in manufacturing at levels below 50 (contraction) in all relevant geographies," Renta 4 analysts said in a note to clients.

At 0705 GMT on Friday, Spain's selective Ibex-35 stock market index was down 49.80 points, or 0.53%, to 9,314.90 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.41%.

If it closes this way, the index is on track to accumulate a weekly decline of 1.90%, after the 1.99% advance of the previous week.

In the banking sector, Santander lost 0.76%, BBVA fell 0.59%, Caixabank dropped 0.46%, Sabadell fell 0.89%, Bankinter lost 0.36%, and Unicaja Banco lost 0.81%.

Among the large non-financial stocks, Telefónica gained 0.14%, Inditex fell 0.56%, Iberdrola dropped 0.55%, Cellnex gained 0.14%, and the oil company Repsol lost 0.60%.

Among the rest of the electricity companies, Naturgy fell 0.45%, while Endesa lost 0.33%.

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