In corporate news, Hutchison Whampoa is in talks to buy Telefonica's British mobile unit O2 in a deal valued at more than 10 billion pounds ($15 billion). Shares of Telefonica were trading higher by 2.5 percent on Friday, following the announcement.
Meanwhile, Greece is heading for a snap election this Sunday with the anti-bailout Syriza expected to win. It has widened its lead over Prime Minister Antonis Samaras' "New Democracy" party further in the polls, a survey showed Thursday, according to Reuters.
Read MoreAll Greek to me: What could happen in weekend vote
There are concerns that Syriza will renege on the country's international bailout agreement, however. Prime Minister Samaras said Thursday that Greece would be blocked from the ECB debt purchasing program if a review by the country's international creditors isn't concluded, Reuters reported.
Elsewhere, investors will be following the reaction from business leaders at the World Economic Forum in Davos, Switzerland on Friday. Follow our live blog for news and comments.
Live blog: Reaction to Saudi succession, Europe QE
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