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European shares were called to open higher on Friday, tracking shares in Asia higher on relief that figures for second-quarter Chinese economic growth came in within expectations.
The FTSE was seen opening 27 points higher at 5635, the DAX was called to open higher by 50 points at 6469 and the CAC was seen higher by 24 points at 3159.
China’s second quarter gross domestic product (GDP) rose at a rate of 7.6 percent, in line with analysts’ expectations but at its slowest rate since the first three months of 2009, official figures from the National Bureau of Statistics showed on Friday morning.
Back in Europe, Moody’s Investors Service downgraded Italian sovereign debt by two notches to Baa2 and warned it could cut further, just hours before the country launched its latest bond sale.
The rating downgrade places Italian sovereign debt just two notches above junk status and could significantly increase already record high borrowing costs for the country.
Italy issues BTP bonds maturing in 2015 later on Friday.
Moody’s warned of Italy's vulnerability to political shocks in the euro zone the possibility of a material deterioration in the country’s economic prospects and difficulties implementing economic reforms.
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