Unemployment and inflation data from the eurozone along with retail sales data for Germany are due on Friday, headlining a busy day for European economic news. All times in ET.

Major economic news released on Thursday were largely positive, with eurozone economic sentiment rising to a 28-month high in July, while German unemployment dropped further. U.K. house price data from Nationwide showed that British home prices dropped for the first time since February in July.

At 2:00 am, Germany's Federal Statistical Office is scheduled to release retail sales data for June. Economists expect retail sales to fall 0.2% on a monthly basis but rise 1% on a yearly basis.

Revised trade data for May is due from Hungary's Central Statistical Office is due at 3:00 am. Preliminary estimates showed a trade surplus of EUR 428.8 million.

At 3:00 am, Norway's Labor and Welfare Service is slated to release unemployment data for July. Economists expect the unemployment rate to rise to 3.1% from 2.8% in the previous month.

Preliminary June quarter GDP data is due Statistics Sweden at 3:30 am. The economy is seen growing by 1.1% on a quarterly basis and by 3.4% on a yearly basis.

At 4:00 am, the Czech central bank is set to release money supply data for June. M2 money supply climbed 4% annually in May.

Producer price inflation figures for June are due from the Italian statistical office at the same time. The producer price index is seen rising by 0.3% on a monthly basis and by 3.6% on a yearly basis.

At 5:00 am, Eurostat is scheduled to release eurozone unemployment data for June. Economists expect the unemployment rate to remain unchanged at 10%.

Preliminary euro area inflation data for July is due from the statistical office simultaneously. The annual inflation rate is tipped to rise to 1.7% from 1.4% in the prior month.

Elsewhere, preliminary consumer price inflation data for July is due from the Italian statistical office. The consumer price index is seen rising by 0.2% on a monthly basis and by 1.5% on a yearly basis.

At 5:30 am, the KOF Institute is due to release its leading indicator for the Swiss economy. Economists expect the leading index to rise to 2.30 in July from 2.25 in June.

Afterwards at 6:00 am, the Italian statistical office is scheduled to release unemployment data for June. The unemployment rate is expected to rise to 8.8% from 8.7% in the prior month.

Finally at 9:00 am, the Belgian statistical office is set to release June quarter GDP data. The economy had grown 0.1% on a quarterly basis in the March quarter.