European stocks opened higher on Friday after stronger-than-anticipated inflation data from China helped to calm nerves over global growth prospects.

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The pan-European STOXX 600 was up 0.38 percent with all major bourses in positive territory.

Producer prices in the world's second largest economy headed higher for the first time in almost five years, offsetting the negative sentiment generated Thursday by poor export data from the mainland.

This follows a weak close for US indices also hit by falls in financial shares.

Markets now looking ahead to Friday's September retail sales report and University of Michigan consumer sentiment report in addition to a speech by Fed Chair Janet Yellen for more clues as to whether a US rate hike is likely before year end.

Crude oil moved higher after bouncing overnight following release of government data showing strong drawdowns in both diesel and gasoline.