LONDON – European markets are set for a cautiously higher open on Friday as investors digest a fresh slice of corporate earnings and await key economic data out of the euro zone.
Britain’s FTSE 100 is seen around 16 points higher at 7,361, Germany’s DAX is set to add around 69 points to 13,351 and France’s CAC 40 is expected to gain around 32 points to 6,371.
Shares in the Asia-Pacific region were mixed overnight, with Hong Kong’s Hang Seng index falling more than 2% as technology stocks took a hit. Mainland Chinese stocks also retreated after Chinese leaders signaled Thursday that Beijing is unlikely to try to boost the economy, downplaying the country’s gross domestic product target of “around 5.5%.”
U.S. stock futures rose in early premarket trade on Friday as strong quarterly reports from major technology companies including Amazon and Apple supported risk-on sentiment among investors.
The upbeat sentiment comes despite a surprise 0.9% drop in US GDP in the second quarter, confirmed by the Bureau of Economic Analysis on Thursday, and heightened fears of a possible recession.
Investor focus in Europe will turn on Friday to the first GDP figures for the second quarter and harmonized inflation measures from the euro area for July at 10 London time.
Corporate earnings continue to drive individual share price movements in Europe. Standard Chartered, Santander, Renault, Air France-KLM, BNP Paribas, AstraZeneca, Engie and Swiss Re were among the big players that filed before the clock on Friday.
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