The pan-European Stoxx 600 was down 0.4 percent in early agreements with banks and basic resources showing the steep decline. This came when the euro fell sharply against the dollar, following reports that the European Central Bank (ECB) is concerned about the effects of a weak Turkish lira on European banks.
The Financial Times said that Spain's BBVA, Italy's UniCredit, and France's BNP Paribas could be affected especially by the current depreciation of the lira.
On the profit front, Novozymes shares fell 5 percent after the biotechnology company missed expectations with earnings for the second quarter.
At the same time, budget carrier Ryanair faces flight shutdowns across Europe as pilots go on strike in Ireland, Germany, Belgium, Sweden and the Netherlands. Shares fell 0.6 percent at open.
In Asia, shares traded shares in Chinese stocks with lower interest rates ̵
In the latest Brexit news, a majority of the British public support a second referendum on Britain's exit from the European Union, according to a YouGov survey released Friday. Meanwhile, the United Kingdom Association of British Employers said Friday that it supports an "open and controlled" immigration system, adding that the United Kingdom should handle controversial network migration targets.
In terms of data, the Agency's monthly oil market report is estimated at 4 o'clock on Friday and Britain releases GDP, trade balance and building production data at. 4.30 ET.