- European stock markets climbed higher Friday, boosted by U.K. economic growth as investors await more U.S. inflation data and big bank earnings. 

At 03:10 ET (08:10 GMT), the in Germany traded 0.9% higher, the in France traded up 0.8% and the in the U.K. rose 0.9%.

U.K. GDP grew more than expected in November

Data released earlier Friday showed that Britain's economy grew slightly more strongly than expected in November, with the country’s rising 0.3% in November, beating forecasts for a 0.2% expansion.

and production both expanded in November, after sharp retreats the prior month, raising hope that the country’s economy, one of the weakest in Europe, is now on track for growth.

"The longer-term picture remains one of an economy that has shown little growth over the last year," ONS chief economist Grant Fitzner said.

"GDP bounced back in the month of November, however, led by services with retail, car leasing and computer games companies all having a buoyant month."

Elsewhere in Europe, was confirmed rising to 3.7% in December on an annual basis, from 3.5% the prior month, while came in at 3.1%, a small drop from 3.2%.

The main inflation focus Friday, however, will be on U.S. producer prices, especially after the country’s consumer prices came in a little hotter than expected on Thursday.

is expected to rise 0.1% on the month in December, an rise of 1.3%, while the ‘’ figure, which excludes volatile food and energy prices, is seen falling to 1.9% on an annual basis.  

issues profit warning

In the corporate sector, Burberry (LON:) stock slumped over 8% after the British luxury fashion brand warned on its full year profit outlook for the second time in three months, blaming a further slowing in global demand.

Rivals, such as LVMH (EPA:) and (EPA:), have also reported lower demand for high-end goods in key markets including the United States, Europe and China.

A lot of attention, however, will be on the U.S. banking sector, with results due later Friday from a series of banking giants, including Bank of America (NYSE:), (NYSE:) and JPMorgan Chase (NYSE:).

Crude soars after strikes on Yemen

Oil prices soared Friday after U.S.-led forces launched airstrikes against the Iran-backed Houthi group in Yemen, increasing concerns over disruptions to Middle East supplies.

By 03:10 ET, the futures traded 2.5% higher at $73.84 a barrel, while the contract climbed 2.4% to $79.28 a barrel.

The United States and Britain carried out the strikes in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year, and came shortly after Iran seized an oil tanker with Iraqi oil in the Gulf of Oman.

Several major shipping operators have decided to steer clear from the region, disrupting supplies on the key route between Europe and Asia, which accounts for about 15% of the world's shipping traffic. 

Additionally, rose 1.2% to $2,043.60/oz, while traded 0.1% higher at 1.0974.