European Shares Set to Open Higher on Friday Amid U.S.-Iran Tensions and Economic Data

Shares listed in Europe look set to move higher at the open on Friday, with the U.S.-Iran war and economic data in focus.

Futures tied to the regional Stoxx 50 were last seen trading 0.9% higher. Those tied to London's FTSE 100 were up by 0.4%. German DAX futures added 0.9% ahead of the week's final regular trading session, while French CAC 40 futures gained around 0.8%.

A rally in Europe on Friday would put regional stocks on course for their fourth consecutive day of gains. The pan-European Stoxx 600 is currently on track for a weekly rise of 2.25%.

U.K. data showed that retail sales fell 1.3% in April from the previous month, after rising 0.6% in March. Fuel sales fell more than 10%, officials said, with some retailers reporting that motorists were conserving fuel amid price volatility because of the war in the Middle East.

Oil prices surged on Thursday after Tehran reportedly said it would insist on keeping enriched uranium in Iran, renewing concerns about a prolonged conflict that would disrupt the oil market for longer than expected. Oil extended its rally into Friday, with global benchmark Brent crude holding slightly above $104 a barrel.

In Europe, investors are keeping an eye on a series of data prints. The GfK German Consumer Confidence report for June is due later this morning. It is expected to shed some light on how rising energy costs have hit consumer sentiment in Europe's largest economy. Business confidence data from France is slated for release later.

A separate print from the U.K. showed its government borrowed a higher-than-expected £24.3 billion ($32.6 billion) in April. It exceeded official forecasts by £3.4 billion. The budget deficit – borrowing to fund day-to-day public sector activities – hit £17.4 billion last month, exceeding forecasts by £2.6 billion.