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Futures Mixed, Stocks on Track for First Weekly Decline

U.S. stock index futures were narrowly mixed Friday as investors largely shrugged off a pair better-than-expected economic data from China and Germany, with major averages on pace to logging their first weekly decline this year.

China said its exports grew 25 percent in January from a year ago, the strongest showing since April 2011 and well ahead of market expectations for a 17 percent rise, while imports also beat forecasts, surging 28.8 percent on the year.

(Read More: Exactly How Skewed Is China's Trade Data?)

Meanwhile, German data showed a 2012 surplus that was the nation's second highest in more than 60 years.

On the economic front, the U.S. trade deficit narrowed to $38.5 billion in December, shrinking to its narrowest in three years, according to the Commerce Department. Economists had expected a deficit of $46 billion, according to a Reuters survey. The report suggests the U.S. government could upwardly revise its advance reading for fourth-quarter GDP, which showed the economy contracted at a 0.1 percent annual rate.

Later this morning, the Commerce Department is scheduled to release wholesale inventories for December at 10 am ET. Inventories are expected to be up 0.4 percent versus a 0.6 percent gain in November, according to a Reuters poll.

Among earnings, Moody's edged lower even after the credit ratings agency topped earnings expectations and forecast strong 2013 earnings.

Just a few months after the disruption caused to the economy by Superstorm Sandy, a snowstorm of "historic proportion" is expected to hit New York and the New England area on Friday night. The New York Stock Exchange said it will be "business as usual" as the storm approaches.

In Europe, a two-day European Union (EU) summit continued in Brussels, the first since Prime Minister David Cameron confirmed Britain will hold a referendum on EU membership. Early on the day, EU leaders agreed to the framework for a new 960 billion euro ($1.3 trillion) budget, to be finalized later on Friday.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

FRIDAY: Wholesale trade, monthly crop report

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