Spain's Ibex-35 stock index opened higher on Friday as traders await producer price data for more clues on the Federal Reserve's monetary policy.

Markets are now taking for granted that the Fed will cut interest rates in June, reversing some of the betting trend after US inflation rose more than expected and traders gave up bets on an early rate cut.

Markets had initially seen March as the starting point for the Fed's easing cycle, but readings and the central bank's own economic officials have delayed bets, advocating the need for more data to ensure inflation is under control.

Traders now expect 94 basis points (bps) of cuts this year, closer to the Fed's own projection of 75 bps of easing and drastically below the 160 bps of cuts expected by the end of 2023.

On the macroeconomic front, the producer price index will be released at 1330 GMT.

At 08:14 GMT on Friday, Spain's selective Ibex-35 stock market index was up 11.20 points, or 0.11%, to 9,938.50 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.50%.

The Spanish index was heading for a weekly rise of 0.37%.

In the banking sector, Santander was up 0.48%, BBVA gained 0.49%, Caixabank advanced 0.48%, Sabadell gained 0.52%, Bankinter gained 0.48%, and Unicaja Banco rose 1.00%.

Among the large non-financial stocks, Telefónica fell 0.94%, Inditex advanced 0.05%, Iberdrola dropped 0.09%, Cellnex fell 0.27%, and the oil company Repsol rose 1.12%.

(Information by Javi West Larrañaga; edited by José Muñoz)