(RTTNews) - The European markets could open higher on Friday, as bargain hunters could buy stocks following two straight sessions of losses. That said, the major European index futures are pointing to a lower open. Meanwhile, the Asian markets are trading mixed on Friday amid lingering concerns about a global economic slowdown and oil prices have rebounded Friday, ending a three-day losing streak, on speculation that OPEC might announce production cuts at its meeting next week as slowing demand for oil boosted U.S. stockpiles.

The Brent North Sea crude December futures were quoted at $70.00 a barrel, up $2.16, by 10:55 p.m. ET. The November contract expired at the close of trade Thursday after slumping $4.48 to $66.32 in London.

On Thursday, U.S. stocks finished a volatile trading session sharply higher as traders digested a slew of economic data. The Dow Jones industrial average closed up 4.7%, the S&P 500 gained 4.3%, and the tech-dominated Nasdaq composite index advanced 5.5%.

In the Asia-Pacific region Friday, Japan’s Nikkei 225 index is gaining 2.1% and China’s Shanghai Composite index is advancing 0.9%, while South Korea’s KOSPI is giving away 1.2%, Hong Kong’s Hang Seng is slipping 0.6%, and Australia’s All Ordinaries index is declining 0.4%.

The major economic report scheduled for release in Europe is the Euro-Zone trade balance for the month of August. Economists expect the Euro-Zone trade balance to show a deficit of EUR 5.5 billion following July’s deficit of EUR 2.3 billion. In the U.S., traders await the release of the September housing starts data and preliminary results of the University of Michigan consumer sentiment survey for October. While economists expect housing starts to drop to 872,000 from 895,000 in August, they anticipate a reading of 65 for the consumer sentiment index compared to 70.3 in the prior month.

The European markets fell for a second day on Thursday, as banking stocks dropped on fears of a global recession and heavily weighted energy stocks lost ground on the back of tumbling crude oil prices. The FTSEurofirst 300 index of pan-European blue chips plunged 5% to 858, while the narrower DJ Stoxx 50 index also plummeted 5% to 2,137. In Europe, the U.K.’s FTSE 100 index fell 5.4% to 3,861, France’s CAC 40 index shed 5.9% to 3,181, and Germany’s DAX index fell 4.9% to 4,622.

On the currency front, the euro rose to a two-day high against the yen, but was choppy against the dollar and the pound in early Asian deals. Currently, the euro is worth 1.3466 against the dollar, 137.10 against the yen and 0.7771 against the pound. On Thursday, the fifteen-nation currency closed the European session at $1.3422, 135.20 yen and 0.7794 pound.

In Europe, Accor may fall after the hotelier reduced its full-year profit forecast because of the weakening global economy. The company reported Thursday a 3.8% drop in third-quarter sales due to asset disposals last year. Adecco is likely to decline on the back of its plans to cut as many as 600 jobs in France and merge branches to reduce costs.

Austrian Airlines Group is likely to drop after the carrier cut its forecast for the fiscal year due to a decline in bookings following the current financial crisis. Conergy may move after the company said that the sale of its Conergy Wind unit to private equity investor Warburg Pincus would not be completed.

Ericsson may move as Sony Ericsson Mobile Communications, the smallest of the world’s top five mobile-phone makers, is scheduled to report its third-quarter earnings. Lagardere is likely to rise after the company said that it bought back 3.07 million shares in September and October at an average price of EUR 32.51 euros each.

Precious Woods Holding is likely to decline after the Swiss forestry company said that it would not meet its 2008 targets because of lower sales in the Netherlands, low output and high costs in Gabon, and difficult market situation. Saab may see some action as the company is scheduled to report third-quarter earnings.

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