IBEX 35 
The consumer deflator or PCE, the Federal Reserve's (Fed) favorite inflation measure, will be released at 1230 GMT - with a forecast of 0.1% month-on-month and 2.5% year-on-year in the core index - and investors will be looking for clues to reinforce expectations that the US central bank will start cutting rates in September.
"The probability remains above 100% despite the acceleration in 2Q24 GDP released yesterday (+2.8% vs +2%e and +1.4% in 1Q24, supported by solid consumption), as growth is expected to soften in 2H24, and was accompanied by a moderation in prices (2.9% vs 2.7%e and 3.7% previously)," said the Renta 4 brokerage house.
"Expectations to which Powell could refer more concretely at the central bankers' meeting in Jackson Hole at the end of August," these analysts added.
The odds of a September rate cut currently stand at 100%, according to interest rate futures on LSEG's IRPR tool.
Moreover, according to interest rate futures in LSEG's IRPR tool, markets currently expect a total of 66.8 points of rate cuts this year, which is just over 1 25 basis point cut.
Beyond the PCE, the US will also see the University of Michigan's consumer confidence indicator, while on this side of the Atlantic, the main reference will be the European Central Bank's inflation expectations report.
At 0715 GMT on Friday, the selective Spanish stock market IBEX 35 fell 18.60 points, or 0.17%, to 11,127.00 points, while the index is flat for the week as a whole.
The FTSE Eurofirst 300 index of large European stocks advanced by 0.05%.
In the banking sector, Santander lost 0.27%, BBVA fell 0.10%, Caixabank advanced 0.33%, Sabadell gained 0.58%, Bankinter gained 0.30%, and Unicaja Banco rose 0.22%.
Among the large non-financial stocks, Telefónica fell 0.46%, Inditex dropped 0.22%, Iberdrola lost 0.04%, Cellnex gained 0.64%, and the oil company Repsol rose 0.04%.
(Information by Tomás Cobos; edited by Benjamín Mejías Valencia)
