US MARKET

Stocks are seeing choppy movement in mid-morning trading on Friday, as the markets eagerly await stress test results for a number of major financial institutions in Europe. The major averages have been bouncing between gains and losses amid a volatile session thus far.

The much awaited stress test results are scheduled to be made public at 12:00 p.m. ET. The data will detail the required capital levels for 91 banks from 20 countries under the most dire conditions, including a 6 percent drop in employment.

Data from the euro zone was the chief driver of upbeat sentiment in pre-market dealing, with Germany's business climate index coming in at 106.2 in July, up from 101.8 in the previous month. Economists had forecast the index to slip to 101.5 in the euro zone's largest economy.

Further, Britain's GDP grew by 1.1 percent in the second quarter, according to the Office for National Statistics, surprising economists who had forecast 0.6 percent growth.

The markets are also delving into the latest quarterly results from a series of market giants. McDonald's Corp. (MCD) posted second-quarter net income of $1.13 per share, while analysts expected the company to earn $1.12 per share. Total revenues for the quarter rose to $5.95 billion, beating estimates for $5.91 billion.

Honeywell International Inc. (HON) said its second-quarter earnings came in at $0.60 per share and at $0.78 per share on an adjusted basis. On average, Wall Street analysts forecast earnings of $0.57 per share for the quarter. Net sales for the second quarter rose 8 percent to $8.16 billion, topping expectations.

Ford Motor Co. (F) reported second-quarter net income of $0.61 per share, crushing estimates of $0.40 per share. The auto giant said its quarterly revenues came in $35.0 billion, also soundly beating projections, which averaged $29.79 billion for the quarter.

Meanwhile, Verizon Communications Inc. (VZ) reported a second-quarter net loss of $0.07 per share including a $0.65 per share hit in connection with workforce downsizing. Operating revenues for the quarter totaled $26.77 billion, falling short of $27.11 billion estimated by analysts.

After the markets closed for trading in the previous session, Microsoft Corp. (MSFT) unveiled fourth-quarter net income of $0.51 per share, exceeding expectations of $0.46 per share. Revenues for the period totaled $16.04 billion, also better than the $15.27 billion projected on Wall Street.

The major averages are currently turning in a mixed performance, with the Nasdaq just below the unchanged line. While the Nasdaq is down 0.81 points or less than 0.1 percent at 2,245.08, the Dow is up 26.94 points or 0.3 percent at 10,349.24 and the S&P 500 is up 1.35 points or 0.1 percent at 1,095.02.

ASIA MARKETS

Asian markets open for trading ended the last day of trading session for the week in positive territory, lifted by strong gains on Wall Street in the previous session on earnings optimism. Better than expected earnings reported by Microsoft (MSFT) after the markets closed on Wall Street and buoyant economic data in Europe also lifted market sentiment. Higher commodity prices and oil prices led to gains across the markets even as traders await the stress test results of European banks later in the day.

In Japan, the benchmark Nikkei 225 Index advanced 210.08 points, or 2.28%, to 9,431, while the broader Topix index of all First Section issues was up 15.81 points, or 1.92% percent, at 841.

Gold stocks also gained. Lihir Gold was up 1.23% and Newcrest Mining advanced 0.91%.

The Indian market pared its early gain on Friday, as investors awaited European bank stress test results due later in the day. After trading in a lackluster manner, the benchmark 30-share Sensex ended up 18 points or 0.10% at 18,131, a fresh 30-month closing high, with 14 of its components edging higher. Telecom giant Bharti Airtel topped the gainers with a 4% rise amid reports that it will make an open offer to acquire the remaining 22 percent stake that it already doesn't own in Zambia's leading telecom entity, Zain Zambia. The 50-share Nifty rose by 7 points or 0.13% to 5,449.

Among the other major markets open for trading, China's Shanghai Composite Index gained 9.62 points, or 0.38% to 2,572, Singapore's Strait Times Index advanced 17.80 points, or 0.60% to close at 2,973, Taiwan's Weighted Index rose 94.88 points, or 1.24%, to 7,761, and Indonesia's Jakarta Composite Index ended in positive territory with a gain of 32.10 points, or 1.07%, at 3,042.

EUROPEAN MARKETS

The major European markets ignored a weak start on Friday and moved into positive territory before turning mixed. Encouraging economic data from the region is lending support to the markets. The French CAC 40 Index and the German DAX Index are rising 0.45% and 0.56%, respectively, while the U.K.’s FTSE 100 Index is receding 0.22%.