Growth concerns also re-emerged after the ECB said in its monthly bulletin on Thursday that the economic outlook for the euro zone faced a number of downside risks, with financial market tensions and their potential impact on growth posing the key threats.
The ECB revised down its forecast for economic growth to 0.6% in 2013, down from 1% previously and forecast a 0.3% contraction in growth this year, slightly worse than its previous forecast of for a 0.2% contraction.
Asian stock markets declined during late Asian trade on today, for the first time this week, as disappointing Chinese trade data came out. Official data showed earlier that China's trade surplus narrowed unexpectedly in July, dropping to USD25.1 billion from a $31.7 billion surplus.
Analysts had expected China's trade surplus to widen to $35.1 billion.
The economic calendar for today is relatively narrow; Italy and the UK inflation numbers – PPI and CPI are expected at 08:00GMT and 08:30GMT respectably.
Later in the day, the Canadian unemployment numbers are expected to go out at 12:30GMT. No major enouncements are expected out of the US.
OIL Crude oil futures fell on Friday, as weak trade balance data from China added to concerns over the outlook for global economic growth, following Thursday's downbeat observations by the European Central Bank.
In addition to china, international sanctions against Iran have reportedly reduced exports from Iran more than previously forecast. Analysts say there is a shortfall of 1.4 million barrels a day from Iran, above initial estimates.