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US stocks seen lower; Oil, Greece, yuan in focus

U.S. stock index futures indicated a lower open on Friday, as markets looked to inflation data and industrial production figures for July.

The producer price index (PPI) gained 0.2 percent in July, slightly above the gain of 0.1 percent. Core PPI – the price index minus food and energy – also rose 0.2 percent last month and was expected to gain just 0.1 percent.

U.S. industrial production for July shot up 0.6 percent, the Fed said, well above the expected 0.3 percent gain as auto production surged.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

In addition, consumer sentiment data will be released at 10:00 a.m.

Traders may, however, be diverted by the continued slide in oil prices. Brent crude traded at around $49 per barrel on Friday, while U.S. crude fell below $42 a barrel.

On the earnings front,J.C. Penney reported mixed quarterly results, missing on the top line but beating on revenue.

Outside of the U.S., trade in Asian and European stocks was calmer on Friday, as the People's Bank of China soothed fears about continued depreciation in the yuan. The benchmark Shanghai Composite index ended 0.3 percent higher on Friday, after two days of volatile trading following China's devaluation of its currency.

In Europe, equities traded slightly higher, as investors awaited a key meeting of European officials at which a prospective third bailout program for Greece will be in focus.

CNBC's Patti Domm contributed to this report