European markets are set for a higher open to end a volatile week, as investors around the world assess inflation and fears of a possible economic recession.
gained in early premarket trade on Friday as Wall Street looked to grind out a rare positive week amid a challenging first half of the year.
Economic data releases from Europe on Friday include U.K. retail sales for May, Spanish final first-quarter gross domestic product figures and Germany's Ifo Institute's economic sentiment surveys for June. U.K. consumer confidence fell to its lowest level since records began, new data from research company GfK revealed Friday, as the country faces inflation running at a 40-year high, slowing growth and a spiraling cost of living crisis for households.
British Prime Minister Boris Johnson suffered a double blow overnight as his ruling Conservative Party lost two key by-elections to the main opposition Labour Party and to the Liberal Democrats. The defeats in the two constituencies at opposite ends of England — seen as a test of Johnson's standing after the "partygate" scandal and amid the cost-of-living crisis — prompted the immediate resignation of Conservative Party Chairman Oliver Dowden.
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