Spain's main stock market index opened higher on Friday and markets breathed a sigh of relief after the US debt ceiling deal received congressional approval.

The US Senate overnight approved the deal to put the $31.4 trillion debt ceiling on hold and sent it to President Joe Bien's desk to be signed ahead of schedule, in a race against time to avoid the dreaded default.

With one less problem, markets now turn their attention to central banks and the macroeconomic front. The next Federal Reserve meeting is approaching (June 13-14) and the latest statements from Fed policymakers suggest a possible pause in rate hikes.

In line with this, the FedWatch tool notes that markets now estimate the possibility of a quarter-percentage point rate hike by the Fed at 20%, down from 50% the previous week.

Macro data will be key in this decision, with the focus on Friday's US employment data at 12:30 GMT.

There is "some moderation expected in the pace of job creation in May (non-farm payrolls +195,000e vs +253,000 previous), although the risk is to the upside following strong JOLTS on Wednesday and ADP private employment yesterday (278,000 vs 170,000e and 291,000 previous)," wrote analysts at Renta4.

In Europe, the focus will also be on the European Central Bank, as its president Christine Lagarde continued to preach more rate hikes despite a data the day before that showed inflation moderating more than expected.

"We expect at least two more hikes in the year, up to a deposit rate of 3.75%, where it should remain a good season as inflation is not expected to converge to its 2% target until 2025," added Renta4.

In this context, at 07:06 GMT on Friday, Spain's selective Ibex-35 stock market index was up 55.90 points, or 0.61%, to 9,223.40 points, while the FTSE Eurofirst 300 index of large European stocks was up 0.46%.

On a weekly basis, the Ibex rectified the previous loss and was up 0.35%.

At the top of the board was Fomento de Construcciones y Contratas SA, up 4.33%, after it sold its subsidiary FCC Medio Ambiente to CPP Investments for 965 million euros.

In the banking sector, Santander rose 0.72%, BBVA gained 0.99%, Caixabank advanced 0.70%, Sabadell gained 0.19%, Unicaja Banco rose 0.72%, and Bankinter gained 0.15%.

Among the large non-financial stocks, Telefónica gained 1.28%, Inditex advanced 0.83%, Iberdrola gained 0.04%, Cellnex gained 0.24%, and the oil company Repsol rose 1.35%.

(Information by José Muñoz, edited by Tomás Cobos).