European stocks were expected to open higher on Friday as stocks continue a rally sparked by the announcement Wednesday of a plan to resolve the euro zone sovereign debt crisis.
London's FTSE is expected to open 17 points higher, while Germany's DAX is called higher by 57 points, the CAC 40 is predicted to be up by 22 points.
Shares rose in Asia overnight, while in Europe on Thursday markets hit a 12-week high and on Wall Street indexes jumped 3 percent.
The three-pronged plan to resolve the debt crisis in Europe includes a 50 percent write-down on Greek government debt, increased leveraging of the European Financial Stability Facility bailout mechanism and agreements on plans to recapitalize the region's banks.
President Obama said in a piece published in the FT on Friday that the onus was now individual European nations to implement plans agreed at Wednesday's summit and that Europe must create a "credible firewall" to resolve the debt crisis.
French president Nicolas Sarkozy seemed to heed Obama's comments when he announced in a television interview that French taxpayers would face a further 6-8 billion euros in budget cuts to bring down the nation's debt and deficit. Sarkozy also claimed that allowing Greece to join the euro zone in 2001 was a "mistake" and the nation had "entered with (false) economic figures".
Greek foreign minister Stavros Lambrinidis hit back in a BBC interview saying it was "unhelpful" to scapegoat Greece when a number of other peripheral European nations were struggling with debt and deficits.
Also the FT, Li Daokui, a member of China's central bank monetary policy committee said it was in China's interests to help the euro zone. Klaus Regling, the head of the EFSF arrived in Beijing late Thursday for discussions with Chinese officials on how China might contribute to the fund.
Early on Friday, Regling said he did not expect to reach a conclusive deal with Chinese leaders during his visit. He also said there would be no special conditions for China, and that the country would have to buy the same bonds as everyone else, refuting claims in the FT that China would ask for at least part of its contribution to be denominated in yuan.
Outgoing ECB head Jean Claude Trichet will be interviewed by CNBC's Silvia Wadhwa as he steps down from his role as the euro zone's most senior banker to be replaced by Italian Mario Draghi.
Key corporate data on Friday includes third quarter results from French oil company Total and a trading statement from advertising and media group WPP showed a 9 percent rise in third quarter revenue to £2.46 billion($3.95 billion), while gross margin was up 5.5 percent.
German engineering firm Linde Group's third quarter results beat expectations on Friday.
Reuters reported that one of Central and Eastern Europe's biggest lenders, Erste said losses on its CDS portfolio along with writedowns in Hungary and Romania helped trigger a net loss of 1.49 billion euros ($2.11 billion) in the third quarter versus a restated net profit of 324.9 million a year earlier. It confirmed its forecast for a 2011 net loss of around 700 million to 800 million euros.