Friday Market Note: European Economy Not Dead Yet

This morning, there's more evidence that the death of the European economy is overstated. Britain's Office for National Statistics said U.K. GDP rose 1.1 percent in the second quarter, nearly twice the consensus estimates for 0.6 percent growth. The result was nearly four times the pace of 0.3 percent in the first quarter, and the highest in four years. The uptick was due mainly to increases in business services and finance and a dramatic rebound in construction.

Today at noon, the Committee on European Banking Supervisors (CEBS) will release the results of the European bank stress tests, both on an aggregated and on a bank-by-bank basis. Ninety-one banks were poked and prodded to determine whether they had to raise additional money. It's expected that banks in Greece, Spain, Portugal and Germany will need the most money.

A few companies reported earnings before the bell: both Ford and Verizon beat profit and sales estimates. U.S. stock futures are pointing marginally higher in the premarket.