U.K. consumer confidence edging higher in the wake of the country?s Autumn statement and oil still heading for a steep decline.

The market research company GfK said early on Friday that there was some encouraging news for investors, with the GfK consumer confidence for the U.K. rising to -44 in November.

Even while it remained relatively close to record-low levels, this is an improvement from the -47 in October and was far better than the predicted -52.

Additionally, retail sales in the United Kingdom increased 0.6% month over month in October, which was better than predicted but still indicates a decline of 6.1% annually as British consumers struggle to deal with skyrocketing inflation and rising interest rates.

This occurred shortly after British Chancellor Jeremy Hunt announced tax increases and budget cuts of £55 billion in his Autumn Statement, confirming that the nation was in a recession and subjecting Britons to a record drop in living standards.

Christine Lagarde, president of the European Central Bank, is due to appear at the European Banking Congress in Frankfurt, and her remarks will undoubtedly be scrutinised for hints about how high-interest rates may rise in the Eurozone.

The European Central Bank is expected to declare later how much of the €2.1T loans banks have taken under its targeted longer-term refinancing operations they aim to repay. The banking industry in Europe will be watching this announcement closely.

In corporate news, after postal employees declared plans to strike for six days in advance of the busy Christmas season over pay and conditions, Royal Mail's stock may experience pressure today.

Despite a little increase on Friday, oil prices are still on track for a sharp weekly loss as China, the world's top petroleum importer, faced a mounting threat from COVID cases.

The National Health Commission announced early on Friday that China recorded over 25,000 new COVID-19 infections on November 17, which is the largest number since April and is getting close to a record high.

Key developments:

• US home sales at 15:00 GMT.
• JD.com Inc is set to report earnings.
• Footlocker is set to report earnings.