European stock markets are anticipated to begin lower on Friday after yesterday's US Tech selloff.

Due to fears about an impending economic slowdown and the previous session's dramatic selloff in the tech sector on Wall Street, European stock markets are anticipated to begin lower on Friday.

Friday's light global economic schedule is kicked off by British retail sales data for June, which showed growth of 0.7% for the month, more than the projected 0.2%, but still implies a 1% annual decline.

This came after the July GfK Consumer Confidence Index was released late on Thursday. This indicator dipped for the first time in six months, showing that U.K. consumers are beginning to feel the effects of skyrocketing inflation.

The Bank of England is generally anticipated to continue its rate-hiking campaign next month given the fact that inflation remains substantially above goal, even after falling more than anticipated in June, which might have a significant negative impact on economic growth as the year goes on.

Although the European Central Bank's policymakers are in a blackout period prior to next week's rate decision, it is largely assumed that they will increase their benchmark rate at their upcoming meeting.

Friday sees the continuation of the quarterly earnings season, albeit at a little slower tempo as the week draws to a close.

The French aerospace manufacturer Thales will be scrutinised after upgrading its sales outlook following a strong first half, as the present geopolitical unpredictability is likely to increase defence expenditure.

American Express is also due to report.

Nevertheless, the IT industry will also be under the limelight following Thursday's roughly 300-point decline in the Nasdaq Composite index on Wall Street.

Additionally, Microsoft's $69 billion acquisition of video game developer Activision Blizzard is now more likely to happen after the U.S. Federal Trade Commission dismissed its lawsuit attempting to stop it.

Due to growing expectations that China would implement further stimulus measures to help its faltering economic recovery, crude prices increased on Friday, capping a turbulent week with gains.

Early this week, the nation released poor second-quarter GDP figures, which prompted Beijing to announce fresh initiatives on Friday to encourage local spending and raise hopes for broader support.

However, prudence prior to of the Fed meeting next week has prevented any significant gains, particularly since the dollar has recovered from a 15-month low in preparation for the meeting.

(Sources: investing.com, reuters.com)