The Spanish stock market index Ibex-35 experienced an upward trend at the opening on Friday and maintained the psychological level of 10,000 points, after a higher-than-expected inflation figure in the United States, which did not derail hopes of early interest rate cuts.

The Consumer Price Index (CPI) rose by 0.3% last month, accumulating an annual increase of 3.4%, above the 0.2% and 3.2% expected, respectively.

"Even so, the market's reaction to higher-than-expected inflation was limited, and it continues to bet on a clearly deflationary scenario and intense rate cuts," said analysts at Renta 4.

According to LSEG's IRPR tool, markets show that the odds of US Fed rate cuts starting in March stand at 71%, up from the 68.8% level before the US CPI.

If anything, the advance was held back by concerns on the geopolitical front, following US and UK bombings of positions controlled by Yemen's Houthi movement in retaliation for attacks on trade in the Red Sea, intensifying fears of a spillover of the Israel-Gaza war beyond its borders.

Investors also continue to await reports from several U.S. banks due Friday, including Bank of New York Mellon Group, BlackRock, JPMorgan, Bank of America, Wells Fargo and Citigroup.

At 08:16 GMT on Friday, Spain's selective Ibex-35 stock market index was up 83.20 points, or 0.78%, to 10,083.10 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.90%.

In the banking sector, Santander rose 0.49%, BBVA gained 0.65%, Caixabank advanced 0.88%, Sabadell gained 0.69%, Bankinter gained 0.40%, and Unicaja Banco rose 1.05%.

Among the large non-financial stocks, Telefónica gained 0.05%, Inditex advanced 1.15%, Iberdrola gained 1.22%, Cellnex gained 0.14%, and the oil company Repsol rose 1.24%.

The blood products group Grifols fell by 6.70%, after a conference in which the company's executives tried to reassure investors following a devastating report by the bearish fund Gotham City. On Thursday, Grifols shares reacted to the conference with a 16% drop.

(Information by Tomás Cobos; edited by Javi West Larrañaga)