Europe open: Traders lock in profits after Obamacare repeal blocked

As of 0855 BST, the benchmark Stoxx 600 was down by 0.86% or 3.28 points to 379.04, alongside a retreat of 1.15% or 59.61 points to 5,127.34 on the Cac-40.

In parallel, Germany's Dax was falling 0.56% or 68.77 points to 12,143.27.

Meanwhile, the Stoxx 600's technology sector index was off by 1.18% at 419,93.

"European markets look set to end the week on a softer note after a weak Asia session and some late profit taking in the tech sector heading into the US close, which saw both the S&P500 and Nasdaq close lower on the day. We’ve seen a veritable earnings bonanza from the tech sector over the past week or so with Netflix, Alphabet and Facebook surprising to the upside, so hopes were high that Amazon would follow suit," said Michael Hewson, chief market analyst at CMC.

Overnight, a so-called 'skinny' repeal of ex-president Barack Obama's signature healthcare bill was defeated by 51 votes to 49 in the US Senate, after three Republicans including Arizona Senator John McCain voted with Democrats to block the proposed bill.

On Friday morning, that news was more than offsetting a strong reading on French gross domestic product.

GDP in the euro area' second-largest economy expanded at a 0.5% quarter-on-quarter clip over the three months to June, as expected by economists.

A pick-up in household spending and a surge in exports more than offset slower investment, INSEE said.

Nonetheless, the data sufficed for Barclays Research to mark up its full-year French economic growth forecast by a tenth of a percentage point to 1.8%, after an expansion of 1.1% in 2016.

Meanwhile, harmonised consumer prices in Spain raced past forecasts in July, clocking in at a 1.7% clip year-on-year (consensus: 1.5%).

Spanish GDP growth accelerated slightly during the second quarter, expanding at a 0.9% pace - as expected - which was up from 0.8% over the three months to March.

Still on tap for later in the day, readings on euro area consumer and industrial sentiment were scheduled for release at 1000 BST, courtesy of the European Commission, with German CPI data for July due to be published at 1300 BST.

Stateside, focus would be on preliminary second quarter GDP figures at 1330 BST, followed by the University of Michigan's final reading on consumer sentiment for July at 1500 BST.

On the corporate side of things, Adidas, was in the spotlight after the sports-goods maker bumped up its full-year guidance on the heels of 18% rise in second quarter profits.

Austrian steel-basher Salzgitter also lifted its own forecasts for 2017, telling shareholders it was now expecting sales of roughly €9.0bn and pre-tax profits of between €150m to €200m.

Shares in French luxury goods-maker Kering were on the backfoot despite beating analysts' estimates for first half operating profits.