The Stoxx 600 opened just 0.07% lower at 523.56, with losses in London and Frankfurt partly offset by gains in Paris and Milan.

On Thursday, the European Central Bank lowered its benchmark deposit rate to 3.25% from 3.5% as expected, and said the "disinflationary process is well on track".

"The bank’s confidence that inflation is being tamed, and the morose economic data boost the probabilities of further rate cuts from the ECB in the coming meetings. The expectation now is that the ECB will cut its rates at every policy meeting until March," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a note on Friday morning.

UK retail sales were the only major release on Friday's economic data calendar in Europe. Sales ticked 0.3% higher in September, beating expectations of a 0.3% decline, as consumers splashed out on technology, data from the Office for National Statistics showed on Friday. Growth was slower than the 1% improvement seen in August, but volumes were at their highest index levels since July 2022.

Elsewhere, the annual rate Chinese GDP growth slowed to 4.6% in the third quarter, down from 4.7% previously but ahead of the 4.5% expected by economists. Nevertheless, this was still the slowest rate of growth registered since the first quarter of 2023. Other stats from China also came in ahead of expectations, including fixed asset investment, industrial production and retail sales.

However, according to Betty Wang, lead economist at Oxford Economics, concerns about a "structural downturn" in China haven't yet subsided. "We would downplay the importance of better-than-expected key economic indicators in September given that the structural weakness in the property and household sectors remains largely unaddressed," Wang said.

Mining stocks rise

Mining stocks were in favour in London, such as Antofagasta, Glencore, Anglo American, Rio Tinto and Fresnillo, on the back of improving data from China.

Luxury stocks across the continent were also performing well after the Chinese data, including Burberry, Hermes, LVMH and Kering. Brunello Cucinelli was also higher in Milan after beating forecasts with a 9% increase in third-quarter revenue on the back of strong sales of its fall and winter collections.

Underperforming the sector was EssilorLuxottica, the Franco-Italian maker of Ray-Bans and other sunglass brands, which declined after missing expectations with third-quarter revenue growth of 4%, as growth slowed from 5.2% the previous quarter.

Swedish automaker Volvo fell after pointing to flat truck and construction equipment markets next year due to "some uncertainty about the macroeconomic development in the near term". The outlook came as third-quarter sales fell 12% to SEK117bn, missing the SEK121bn consensus forecast.