Global stocks traded mixed Friday in muted trade ahead of U.S Memorial Day holiday weekend with energy stocks under pressure as the OPEC-led output cut extension deal disappointed.

European shares fell slightly in early trading on Friday though Britain's FTSE 100 outperformed as the index’s exporters benefitted from a weaker pound.

Earlier, Asian shares pulled back from two-year highs with China's Shanghai Composite ending near the unchanged mark. Japan's Nikkei as core inflation came in under expectations in April and the dollar weakened against the yen.

Meanwhile, U.S. stock futures pointed to flat to lower open on Friday as investors awaited data and prepared for a long weekend with Wall Street closed on Monday for Memorial Day. At 9:59 GMT, the blue-chip Dow futures lose 0.10%, S&P 500 futures traded down 0.13% and the Nasdaq 100 futures gave up 0.08%.

The U.S. will release revised figures on first-quarter economic growth at 12:30 GMT. The data is expected to show that the economy grew at a 0.9% annual rate in the first three months of the year, upwardly revised from a preliminary estimate of 0.7%.

However, markets may well focus more on the release of durable goods orders for April, as investors look to gauge factory activity at the start of the second quarter. The headline number is expected to decline by 1.2%, while the core reading is expected to rise 0.5%.

Also on tap, the University of Michigan will provide an updated version of its May consumer sentiment index with a small downward revision to 97.5 forecast.

The British Pound was under selling pressure on Friday as a YouGov poll showed that the Conservative Party’s lead over the Labour Party in the June 8 snap elections narrowed to just 5 points.

Concern over a hung Parliament, took cable to a two-week low on Friday, while the GBP also hit a 2-month low against the Euro.

At the same time, a report from the Institute of Fiscal Studies, an economic think tank, suggested that neither of the two political parties are being honest with the public over the state of the British economy.

Beaten oil prices recovered some ground on Friday after crashing nearly 5% the prior session as the decision by major oil producers to extend their production cuts nine months without an increase in levels disappointed markets.

Meanwhile, investors looked ahead to latest weekly data from Baker Hughes on U.S. drilling activity. Last week, the energy services provider said that the U.S. added rigs for the 18th week in a row, increasing by 8 to 720 and extending an 11-month drilling recovery to the highest level since April 2015.

Japan's core consumer price index (CPI) rose 0.3% in April from a year earlier to mark a fourth straight month of increases.

However, the increase was due largely to the fading effect of last year's energy price falls, underscoring the challenges the Bank of Japan still faces after years of heavy monetary stimulus to reach its 2% inflation target.

Meanwhile, China plans to change the way it calculates the yuan's daily midpoint rate against the dollar, adding a "counter-cyclical adjustment factor" that may blunt the impact of market swings, Bloomberg reported on Friday.