Ibex 35 finishes the week flat as big banks post results

The Ibex 35 completed its third consecutive week of gains at the close on Friday, despite finishing practically flat for the day itself. The Spanish index rose 0.04% on the day, ending the week at 9,201, a 1.1% rise for the week.

Caixabank published results for the bank's performance between January and September of this year, posting a profit of EUR970 million, a 2.6% drop in comparison with the same period last year.

Sabadell posted earnings of EUR471 million for the first nine months, a 12.7% fall compared with the corresponding period in 2015. Another major bank, Banco Popular, saw its profits reduced by 66% to EUR94 million.

British-Spanish airline group IAG also reported its financial results for the nine months to September 30, in which it reported a 6% profit increase to EUR1.18 billion.

Important macroeconomic data came in the form of an expansion of 0.7% to the Spanish economy, despite the 10-month impasse in the country's political realms.

Outside of Spain, the important event of the day comes in the form of the GDP figures for the United States in the third quarter, in which growth accelerated at 2.9%, ahead of the 2.6% predicted by economists.