(RTTNews) - The major European index futures are pointing towards a firm opening for the European markets on Friday. However, some degree of profit taking is likely to set in following three sessions of sharp gains. Global cues are mixed, as the U.S. market closed higher Thursday after the Commerce Department’s GDP report showed a lower-than-expected decline in economic activity in the third quarter. The Asian markets are trading mixed on profit taking after Thursday’s rally. Oil prices have continued to decline on Friday and are poised for their biggest monthly drop since trading began in 1983 on concern that a decline in the U.S. GDP will impact energy demand.

The Brent North Sea crude December futures were quoted at $62.30 a barrel, down $1.41 or 2.21%, by 10:50 p.m. ET. In London Thursday, December Brent crude fell $1.76 to $63.71 a barrel on the ICE Futures exchange.

On Thursday, the Dow closed up 190 points or 2.1% at 9,181, the Nasdaq gained 41 points or 2.5% to 1,699, and the S&P 500 advanced 24 points or 2.7% to 954. In the Asia-Pacific region Friday, Japan’s Nikkei 225 index is down 0.3%, Hong Kong’s Hang Seng index is plunging 2.0%, China’s Shanghai Composite index is losing 1.7%, and Australia’s All Ordinaries index is declining 0.3%, while South Korea’s KOSPI is gaining 1.8%.

The major economic data scheduled for release in the European region are the Euro-Zone consumer price index estimate for October and the unemployment report for the month of September. In the U.S., traders will focus on the release of September U.S. personal income and spending data and the final report on the October consumer confidence survey from the University of Michigan.

The European markets closed higher for the third straight session on Thursday after Deutsche Bank, AstraZeneca and Metro reported better-than-expected earnings and central banks from Washington to Hong Kong cut interest rates. The FTSEurofirst 300 index of pan-European blue chips closed up 0.7% at 903, while the narrower DJ Stoxx 50 index slipped 0.1% to 2,263. In Europe, the U.K.’s FTSE 100 index advanced 1.2% to 4,29, France’s CAC 40 index rose 0.2% to 3,407, and Germany’s DAX index climbed 1.3% to 4,869.

In Asia Friday, the euro fell to a nine-day low against the pound and a two-day low against its U.S. counterpart, while it slipped against the yen in early deals. The euro was quoted at 0.7837 against the pound, 1.2748 against the dollar, and 126.44 against the yen. The 15-nation currency closed Thursday’s European session at 0.7890 pound, $1.2901, and 124.87 yen.

In the European markets, Eni SpA, Finnair Oyj, Gurit Holding AG, Puma AG, Sanofi-Aventis SA, and Thales SA may move as the companies are scheduled to report earnings. Grupo Ferrovial may decline after the Spanish builder posted a third-quarter loss of EUR 17 million compared to a year-earlier profit after construction slowed in its home market. Lagardere SCA is also likely to decline after the largest publisher in France said that its nine-month sales slipped 2.8% to EUR 6.04 billion. L’Oreal SA may fall after the cosmetics maker cut sales and profit forecasts for the third time in less than four months as European and U.S. consumers curbed their spending.

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