US pre-open: Markets to end week on a high

US futures were set to finish the week on a high, following cues from Asia and Europe.

The Dow Jones Industrial Average was set to open up 76 points, while the S&P 500 and the Nasdaq were expected to start the session nine and 25 points higher, respectively.

The second estimate of US economic growth in the fourth quarter was revised higher, surprising analysts' who had expected a downgrade.

The Commerce Department revised US gross domestic product to an annualised 1% growth in the fourth quarter, compared to a previous estimate of 0.7% and analysts' forecasts of 0.4%. Third quarter GDP rose 2%.

US personal income, spending and consumption data will be released at 1500 GMT, with the University of Michigan confidence survey results also out at the same time.

Asia edges ahead after choppy end to week

Elsewhere, Asian markets closed mostly in the black on Friday, managing to edge ahead after a choppy end to the week as finance ministers and central bank heads of the Group of 20 nations got together for a two-day meeting in Shanghai.

An unexpected, sharp decline in the country's markets on Thursday had upped the ante for the meeting, with much pressure on China to do something about the global anxiety surrounding its economy and money markets.

At a press conference ahead of the meeting, China's top central banker Zhou Xiaochuan tried to reassure the country's trading partners that Beijing had no plans to drastically weaken renminbi, and that it had a well-stocked toolbox to support the wayward economy.

European stocks advanced on Friday as oil prices rallied and investors sifted through another round of earnings.

West Texas Intermediate was up 1.69% to $33.64 a barrel, while Brent rose 2.14% to $36.06.

The dollar rose 0.07% against the euro, fell 0.08% against the pound and was flat against the yen. Spot gold was up 0.17% to $1,234.95.

In company news, shares in J.C. Penney surged 11% before the bell after it reported fourth quarter earnings that were better than expected as well as an upbeat profit forecast.

While Gap’s quarterly profit also beat expectations, its full year profit fell short, leaving the shares down over 3.5% in premarket trade.

And shares in FootlLocker were down marginally despite fourth quarter results that came in above expectations.