Retail sales and public sector finances from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finances figures. Retail sales are forecast to grow 0.2 percent on month in June, slower than the 0.3 percent increase in May. The budget deficit is expected to widen to GBP 27.5 billion in June from GBP 19.2 billion in the previous month.

At 4.00 am ET, retail sales data is due from Poland. Economists forecast sales to fall 4.7 percent annually in June after easing 6.8 percent in May.

At 6.30 am ET, Russia's central bank announces its monetary policy decision. The bank is expected to raise its key interest rate by 50 basis points to 8.00 percent.

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