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European Central Bank President Mario Draghi indicated that recent survey data revealed improvement in the euro area economy, suggesting that interest rates are likely to remain low in the near term. "Recent confidence indicators based on survey data have shown some further improvement from low levels and tentatively confirm the expectation of a stabilization in economic activity," he said.

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Activity in the U.S. manufacturing sector expanded at a faster than expected rate in the month of July, according to a report released by the Institute for Supply Management on Thursday, with the index of activity in the sector jumping to its highest level in two years. The ISM said its purchasing managers index surged up 55.4 in July from 50.9 in June.

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Australia will on Friday release producer price data for the second quarter of 2013, highlighting a light day for Asia-Pacific economic activity.

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With spending on both private and public construction decreasing in the month of June, the Commerce Department released a report on Thursday showing an unexpected drop in total construction spending for the month. The report said construction spending fell by 0.6 percent to a seasonally adjusted annual rate of $883.9 billion in June.

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Producer prices in Australia gained 1.2 percent on year in the second quarter of 2013, the Australian Bureau of Statistics said on Friday, following the 1.6 percent increase in the first quarter.

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Producer prices in Australia were up 1.2 percent on year in the second quarter of 2013, the Australian Bureau of Statistics said on Friday.

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Romania's retail sales in June declined from last year, data released by the National Institute of Statistics showed on Friday.

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British house prices recorded their strongest growth in nearly three years in July and the average home value climbed to the highest level in five years, as the government-backed improvement in credit availability and strong economic growth enhanced property demand.

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With a drop in orders for non-durable goods partly offsetting a jump in orders for durable goods, the Commerce Department released a report on Friday showing that new orders for manufactured goods rose by less than expected in the month of June.

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With personal spending in the U.S. rising at a faster rate than personal income in the month of June, the Commerce Department released a report on Friday showing a notable drop in the personal savings rate. The report said personal spending increased by 0.5 percent in June after edging up by 0.2 percent in May. The increase in spending exceeded economist estimates for a 0.4 percent increase.

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