IBEX 35 
The US CPI data released on Thursday did not surprise the markets, which maintain their expectations of a lower interest rate hike at the Federal Reserve's next meeting (+25 basis points on February 1).
"It should be noted that service-related prices remain tight, and a further slowdown in the labor market and wages will be necessary to declare victory over inflation," warned Renta 4 nonetheless in a daily note.
While awaiting the US consumer confidence report from the University of Michigan (1500 GMT), the markets digested the deterioration of China's trade balance in the midst of a reopening. In addition, during the day, several large US banks will publish their quarterly results: JPMorgan, Bank of America, Wells Fargo, Blackrock and Citigroup.
"We remind you that the deterioration of the cycle, which is already evident and will continue to worsen due to the impact of greater monetary tightening, is not yet fully reflected in the consensus earnings estimates, where there is still downside risk, and thus possible pressure on the stock markets in the coming weeks," said Renta 4.
Thus, at 09:05 on Friday, the selective Spanish stock market Ibex-35 was up 19.80 points, 0.22%, to 8,847.90 points, on its way to a weekly advance of 1.69%.
For its part, the FTSE Eurofirst 300 index of large European stocks advanced by 0.24%.
In the banking sector, Santander rose 0.24%, BBVA gained 0.17%, Caixabank advanced 0.10%, Sabadell gained 0.10%, Unicaja Banco rose 0.58%, and Bankinter gained 0.24%.
Among the large non-financial stocks, Telefónica gained 0.25%, Inditex advanced 0.33%, Iberdrola dropped 0.23%, Cellnex gained 0.48%, and the oil company Repsol rose 0.61%.
The construction company Sacyr fell by 1.70% after the press reported that Portobello was negotiating the purchase of its services subsidiary.
(Information by Darío Fernández; edited by Tomás Cobos)
