In the United States, the view that the economy will continue to outperform its global peers and expectations of fewer rate cuts from the Federal Reserve boosted the dollar, on its way to its best weekly performance in more than a month.
However, uncertainty over Trump's plans for steep import tariffs, tax cuts and immigration restrictions has weighed on markets, which are taking his return to office with caution.
Bankinter has adopted a "defensive" approach to what it considers to be a moderate start to the year.
Analysts said that "2025 will be more complex (than 2024). Probably less generous and not as linear. This tepid start indicates that we may not be so wrong to think so.
"In any case, we won't be able to get a sense of the 2025 start-up tone until the end of next week at the earliest," they added.
Meanwhile, Asian stock markets were trying to recover from a lackluster start to 2025, weighed down by growing concerns about China's economy and uncertainty over the policies of the next U.S. president.
On the macroeconomic front, investors will be on the lookout throughout the day for the release of December unemployment data from Spain and Germany, and the US December ISM manufacturing data, as well as its price, employment and new orders components.
At 08:24 GMT on Friday, the IBEX 35 was up 10.50 points, or 0.09%, to 11,687.40 points, while the FTSE Eurofirst 300 index of large European stocks was down 0.16%.
In the banking sector, Santander lost 0.03%, BBVA gained 0.19%, Caixabank advanced 0.27%, Sabadell gained 0.11%, Bankinter gained 0.50%, and Unicaja Banco rose 0.56%.Among the large non-financial stocks, Telefónica gained 0.58%, Inditex advanced 0.20%, Iberdrola gained 0.41%, Cellnex fell 0.61%, and the oil company Repsol rose 0.63%.
(Information by Mireia Merino)