LONDON, Aug 28 (Reuters) - European equity futures pointed to a marginally higher open for stock markets on Friday, capping a whirlwind week for global markets that saw Europe entirely recover from a bruising 8 percent correction driven by worries over China's economic slowdown.
EuroSTOXX 50 futures were up 0.2 percent, German DAX futures were up 0.1 percent and French CAC 40 were up 0.3 percent.
Even with the FTSEurofirst 300 index squarely back to where it was before Friday's close, traders say expectations are for more gains. While there is still plenty of uncertainty over China's outlook and the exact timing of a well-flagged U.S. interest-rate hike, global central bankers have pledged to act if needed and the sell-off has created perceived pockets of value.
However, others warned that the corporate earnings outlook had deteriorated.
"(We) remain constructive on equities," Credit Suisse strategists wrote in a note to clients. "We see global growth modestly accelerating...Moreover, further slowdown in China would, in our view, result in more monetary easing globally.
"The bad news we have revised down our earnings-per-share forecasts for 2015 and 2016 to 7 percent below consensus in Europe for 2015 and 4 percent below consensus in the U.S. for 2016."
There is a growing chance the European Central Bank may extend its stimulus programme beyond September 2016, owing to concerns a sharp fall in commodity prices and a recent rally in the euro will keep inflation subdued, a Reuters poll showed.
While oil prices have staged a strong rebound in the wake of this week's volatility, Total Chief Executive Patrick Pouyanne said he expected prices to remain low for a while as supply would remain strong.
On the earnings front, advertising agency Havas saw 5.5 percent growth in like-for-like sales in the second quarter driven by North America and Europe, outpacing larger rivals like WPP and Publicis.
And there was positive news from Switzerland, where the economy grew in the second quarter to avoid a first recession since 2009, indicating the impact from the central bank's removal of a currency cap has been less severe than first feared.
Economic data due on Friday include U.S. core personal consumption expenditure prices and preliminary German inflation.
The French oil major chief executive Patrick Pouyanne said he expects that oil prices will remain low for a while as supply is set to remain strong.
The advertising agency saw 5.5 percent growth in like-for-like sales in the second quarter driven by North America and Europe, outpacing larger rivals such as WPP WPP.L and Publicis PUBP.PA.
Merck has placed 2.1 billion euros in bonds as the final element in financing its takeover of U.S. life sciences company Sigma-Aldrich, it said late on Thursday.
The U.S. Food and Drug Administration approved Amgen's AMGN.O Repatha drug for patients with hereditary forms of high cholesterol and those with cardiovascular disease. Last month the FDA approved a similar drug from Regeneron Pharmaceuticals REGN.O and Sanofi.
The carmaker plans to spend 4.5 billion rand ($343 million) to upgrade its factory in South Africa and improve its supplier base, it said on Thursday.
The Italian luxury group said on Thursday it may opt for smaller new stores in China as local consumers shop more online and abroad, its chief executive said on Thursday. > Asia extends stocks rally as upbeat US GDP calms nerves > Wall St logs biggest two-day gain since financial crisis > Nikkei surges following Wall Street's rally > U.S. bond prices slip on stock gains, GDP data > Dollar bulls brighten up after data, risk appetite improves > Gold eyes worst week in five as strong U.S. data fuels Fed hike view > Copper jumps most in 2 years after Fed officials calm markets > Oil markets extend gains after biggest daily climb in 6 yrs
Reporting by Lionel Laurent