European stock futures rise ahead of the final CPI data for the eurozone

Prior to the official release of the October inflation data for the eurozone, European stock markets are anticipated to open higher on Friday, hoping to cap off a turbulent week on a positive note.

The major European equity indices are expected to post weekly gains, despite the fact that they have experienced some sharp fluctuations. This is because global inflation has a tendency to surprise to the downside, which has raised hopes that interest rate peak levels may be reached by central banks.

A significant decline in oil prices is encouraging for future reductions in headline inflation worldwide.

Later in the day, the final reading of the October consumer price index for the eurozone should validate that trend. The headline number is predicted to drop to 2.9% on an annual basis, a significant decrease from 4.3% the previous month.

Additionally, ECB President Christine Lagarde will give a speech. Following the central bank's pause in its rate-hike cycle last month, her remarks will be closely scrutinised for hints about the intentions of decision-makers.

In corporate news, following the troubles of Chinese e-commerce behemoth Alibaba, which declared on Thursday that it had abandoned the planned spin-off and listing of its cloud unit, attention will be focused on the European tech sector.

The company raised concerns about the availability of chips required for the advancement of artificial intelligence, given that the United States recently strengthened its prohibition on chip exports from China to include materials related to AI.

Although oil prices slightly increased on Friday, they are still headed for their fourth consecutive negative week of decline due to signs of increased supply and worries about worsening global demand.

The steep increase in U.S. crude inventories and production remaining at record levels were the primary causes of this week's dramatic decline.

(Sources: investing.com, reuters.com)