Europe open: Stocks little changed ahead of Eurozone CPI, unemployment data

Little change has been seen among European stocks on Friday morning as investors await the release of both the consumer price index (CPI) and unemployment data.

The region's indices look set to register their best monthly performance since February as stocks remain buoyant ahead of next week's European Central Bank meeting, where many are hoping President Mario Draghi will increase its asset-buying programme.

"A mixed looking open expected for the European markets, coming off the back of a particularly strong Asian session," Alpari market analyst Mahony said.

"The release of poor inflation data from Japan drove much of that bullish prices action overnight, whilst the existence of the Eurozone CPI number this morning means that many are holding off until what is expected to be a very volatile release takes place."

The latest CPI figure for the euro-area is expected to show a year-on-year rise of 0.3%, representing a drop from the previous month's reading of 0.4%.

The unemployment figure is predicted to have remained at 11.5% in October.

"Everything is set up for a more dovish European Central Bank going forward as long as CPI remains low and thus should we see a return to 0.3% it is likely that the stock markets will reflect this in a positive way given what it means for potential monetary policy going forward," Mahony continued.

Oil stocks hit by OPEC decision

The decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain a steady rate of oil output has sent the price of Brent tumbling, and consequently oil stocks, tumbling.

Copper producer Aurubis AG was also in the red thanks to a rating cut from Goldman Sachs, which downgraded the stock from 'buy' to 'neutral'.

On the upside, French company Ingenico Group climbed after UBS upgraded the stock to 'buy'.