10 things you need to know before European markets open
Greece's Prime Minister is not returning to Brussels. Greek Prime Minister Alexis Tsipras will not come to Brussels on Friday to continue talks with the country's creditors, an EU official said, complicating an agreement in the cash-for-reforms negotiations. The government has now agreed to bundle the International Monetary Fund payments they owe this month (including one due today) into one payment, to be made at the end of the month.
German factory orders smashed expectations in April. Orders rose 1.4% from March, while analysts expected a 0.5% increase month-on-month. The previous month's 0.9% increase was also hiked to a 1.1% rise.
European GDP is coming. It's the second reading of GDP growth in Q1, coming at 10 a.m. London time (5 a.m. New York). Analysts are expecting no change from the 0.4% boost recorded the first time round.
Mazda is recalling millions of cars over their airbags. Japanese automaker Mazda said on Friday it was recalling another 1.6 million vehicles equipped with airbags at risk of injuring or killing passengers, bringing its global total to an estimated 2.02 million.
China's Shanghai Composite Index opened above 5,000. The stock index is now on track to close at its highest level since January 18, 2008. Over the past year the index is up 146% with the year to date gain 55%.
Lenovo's parent company may float. Legend Holdings, parent of computer maker Lenovo, has won approval from Hong Kong's stock exchange for an initial public offering worth about $2 billion (£1.30 billion), people with direct knowledge of the plans said on Friday. This would be the largest IPO in the city since property developer Dalian Wanda Commercial Properties Co Ltd raised $4.04 billion (£2.63 billion) in December and comes amid a boom in capital markets activity.
Asian markets are mixed. Hong Kong's Hang Seng is down 0.65%, China's Shanghai Composite is up 0.48% and Japan's Nikkei is down 0.15%
Lockheed won a near-billion dollar contract. Lockheed Martin Corp has won a contract valued at $920 million (£598.95 million) to start buying materials and parts for a tenth batch of 94 F-35 fighter jets, the Pentagon announced Thursday.
The Japanese military will be allow the use the Philippines' bases. Philippine President Benigno Aquino said on Friday his nation was ready to start talks that would allow Japanese military aircraft and naval vessels to use the Philippines to refuel, allowing them to extend their range of operation into the South China Sea.
Vietnam is looking to beef up its air defence against China. Vietnam is in talks with European and US contractors to buy fighter jets, maritime patrol planes and unarmed drones, sources said, as it looks to beef up its aerial defences in the face of China's growing assertiveness in disputed waters.