European markets set to nudge higher with earnings, economic data on the agenda

surprise 0.9% decline in U.S. GDP

in the second quarter, confirmed by the Bureau of Economic Analysis on Thursday and deepening fears of a possible recession. Investor focus in Europe on Friday will turn to second-quarter initial GDP figures and July harmonized inflation readings out of the euro zone, due at 10 a.m. London time. Corporate earnings continue to drive individual share price movement in Europe. Standard Chartered, Santander, Renault, Air France-KLM, BNP Paribas, AstraZeneca, Engie and Swiss Re were among the major players reporting before the bell on Friday.

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