The European markets trade lower at the opening hour on Friday. The British FTSE was last trading 0.58 percent lower. French CAC was trading 0.67 percent in the red, while the biggest European market by volume, German DAX was down 0.49 percent.

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The European indices closed lower on Thursday. CAC ended 0.9 percent lower, while DAX fell 0.7 percent.

Wall Street indices ended lower in the previous session. Dow ended 0.84 percent lower, below its 50 day moving average for the first time since June 1, 2023. While S&P and Nasdaq closed 0.77 and 1.76 percent lower, respectively. The Nasdaq is on track to post third week of loses for the first time since December.

The European markets are also taking cues from their Asian counterparts. Japan's Nikkei was last trading 0.55 percent lower, while China's Shanghai Composite was trading one percent in the red. Hong Kong's Hang Seng was trading 1.76 percent lower.

China’s state-owned property developers are warning of widespread losses, fueling concerns that the housing crisis is expanding from the private sector to companies with government backing. Eighteen out of 38 state-owned enterprise builders listed in Hong Kong and the mainland reported preliminary losses in the six months ended June 30, up from 11 that warned of full-year losses in 2022, according to a Bloomberg tally based on corporate filings.

Two years ago, only four firms with controlling or major state shareholdings posted losses.

China Evergrande Group sought Chapter 15 bankruptcy protection in New York on Thursday. The Chinese homebuilder’s Chapter 15 petition references restructuring proceedings being carried out in Hong Kong and the Cayman Islands. Its Scenery Journey unit also filed for Chapter 15 protection, along with affiliate Tianji Holdings.

Oil prices were last trading in the green. Brent crude futures were trading 0.42 percent higher at $84.47 a barrel. US West Texas Intermediate futures, too, were trading 0.57 percent higher at $80.86 a barrel.

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