European stocks were rising Friday, with investors hopeful that a looming trade summit between China and the U.S. can ease global trade tensions. The continent's flagship Stoxx 600 climbed 0.5% in morning trading.

U.S. stock index futures were subdued on Friday after a rally in the previous session, when a new trade agreement between the United States and Britain had fueled expectations of more such deals to ease the sting of the global trade war.

Shares are mixed in Asia as investors pin their hopes on weekend trade talks between China and the U.S. U.S. futures and oil prices logged modest gains.