(fxcue news) - European stocks are likely to open on a firm note Friday, a day after the European Central Bank cut the deposit interest rate by 25 basis points, as expected, and kept the door wide open for more rate cuts without giving any guidance on the future path. An interest rate cut from the Bank of England next week looks unlikely due to mixed signals regarding price pressures. That said, a 0.25 percentage point reduction is fully priced for November and investors are now looking for clues on its quantitative tightening program. Trading later in the day may be influenced by the release of CPI inflation data from France and Greece, eurozone industrial production figures and the U.K. inflation expectations survey results. The U.S. economic calendar remains light, with data on import and export prices along with a report on consumer sentiment likely to garner investor attention ahead of next week's Fed meeting. The consumer survey report includes readings on inflation expectations. The Fed is almost certain to start its rate-cutting cycle next week, but analysts are looking for clues on the size of cuts over the next few months. Asian markets traded mixed as China concerns persisted and the yen neared an eight-month high. The dollar and Treasury yields fell, helping lift gold prices to record levels. Oil extended gains after climbing more than 2 percent on Thursday as storm Francine disrupted production in the Gulf of Mexico. U.S. stocks ended higher overnight despite slightly hotter-than-expected U.S. producer price data and Moderna forecasting lower sales next year. Data showed jobless claims increased marginally last week while the producer price index for final demand crept up by 0.2 percent in August, matching economists' expectations. The annual rate of producer price growth slowed to 1.7 percent from a downwardly revised 2.1 percent in July. The tech-heavy Nasdaq Composite surged 1 percent and the S&P 500 gained 0.8 percent to end higher for the fourth straight day, while the Dow advanced 0.6 percent. European stocks joined the global rally on Thursday as the European Central Bank announced its second rate cut in three months. The pan European STOXX 600 climbed 0.8 percent. The German DAX rallied 1 percent, France's CAC 40 rose half a percent and the U.K.'s FTSE 100 edged up by 0.6 percent.