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The pan-European STOXX 600 index was down 0.2% by 0702 GMT.
Still, the index has gained 2.9% this week, on track for its best week since the end of March and nearly recouping all of the last week’s losses.
Data on U.S. consumer and producer prices earlier this week stoked speculation that the economy had entered a disinflation phase and the Fed could pause its tightening soon after July.
Keeping the STOXX 600 under pressure on Friday was a 0.6% drop in telecom firms, with Nokia (HE:NOKIA) falling 5.3% after lowering its full-year results outlook.
Its Swedish rival Ericsson (ST:ERICb) fell 4.2% after reporting a 62% fall in second-quarter adjusted operating profit.
Miners, among the biggest gainers this week, also fell 0.6%.
