On Friday European stocks fluctuated ahead of a speech from Federal Reserve Chairman Ben S. Bernanke and a report that may show the American economy slowed in the second quarter. Asian equities and US index futures advanced.

European Aeronautic Defence and Space Co. fell 4.2 per cent on a report that Airbus SAS reduced its production targets for the A350 airliner. Banca Popolare di Milano Scrl tumbled 4.8 per cent after Italy’s oldest cooperative bank reported earnings that missed estimates. Royal Vopak NV paced advancing shares after the company raised its profit outlook.

European stocks were down around mid-day, reversing the previous day’s tentative rebound and resuming their week-long losing run, as investors braced for a weak US GDP figure following a raft of grim economic data.

The revised GDP data for the second quarter is expected to confirm the slowing pace of the economic recovery, in the wake of this week’s bleak housing data. Investors were also awaiting comments from Federal Reserve Chairman Ben Bernanke, who will deliver a speech that is expected to give insight on whether the Fed will support the struggling economy with fresh injections of cash.

The FTSEurofirst 300 index of top European shares was down and on track to post a loss of 1.1 per cent on the week, the index’s third straight week of losses.

Japanese stocks rose, erasing earlier declines, on expectation the government will take measures to halt the yen’s appreciation. Sony Corp., an electronics maker that gets 70 per cent of sales abroad, climbed 2.7 per cent in the afternoon after falling as much as 0.8 per cent. Nissan Motor Co., a carmaker that counts North America as its biggest market, jumped 3.2 per cent. The Nikkei 225 rose one per cent as did the Topix.

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