(fxcue news) - European stocks are seen opening broadly lower on Friday, though commodity-related stocks may rise after data showed the U.S. economy expanded at a faster-than-expected pace in the second quarter. The July Personal Consumption Expenditures report along with separate reports on Chicago-area business activity and consumer sentiment will be in the spotlight later today, heading into the long Labour Day weekend and the release of key employment data next week. The U.S. Fed's favored PCE inflation gauge may reinforce views that a September rate cut is imminent. Also, it's a busy day for Europe, with reports on inflation, unemployment and retail sales likely to offer critical insights into the next moves by the European Central Bank (ECB). Asian stocks were broadly higher, with Chinese and Hong Kong markets leading regional gains as investors scooped up electric vehicle makers like Li Auto and BYD after a recent sell-off. The dollar held near a one-week high versus major peers and was on course to snap a five-week losing streak as traders tempered expectations for aggressive Federal Reserve interest-rate cuts. Gold dipped on signs of a resilient economy while oil held gains after rising nearly 2 percent in the New York trading session overnight, driven by concerns over potential supply disruptions in Libya and production cuts by Iraq. U.S. stocks ended mixed overnight as Nvidia's underwhelming earnings result offset positive labor market and GDP data. Revised data revealed the U.S. economy grew at a 3 percent annual pace in the second quarter instead of the 2.8 percent rate originally estimated, amid strong consumer spending and downward revisions to the pace of consumer price growth. Another report showed jobless claims ticked down by 2000 to 231000 for the week of Aug. 24. The Dow rose 0.6 percent to a new record closing high while the S&P 500 finished marginally lower and the tech-heavy Nasdaq Composite eased 0.2 percent. European stocks gained for a third straight session on Thursday amid strong earnings updates, data from Spain and Germany showing cooling inflation, and signs of improving economic sentiment in the eurozone and European Union. The pan European STOXX 600 climbed 0.8 percent. The German DAX gained 0.7 percent to notch a record close. France's CAC 40 added 0.8 percent and the U.K.'s FTSE 100 edged up 0.4 percent.