The European stock markets closed out the week mostly higher in Friday trading as the Stoxx Europe 600 rose 0.11%, Germany's DAX gained 0.31%, the FTSE 100 was up 0.64%, the Swiss Market Index increased 0.33%, while France's CAC 40 was down 0.36%.

In Germany, the annual inflation rate is an estimated 2.1% in May, according to the Federal Statistical Office. The FSO said that based on the available results, it expects consumer prices will rise 0.1% compared with April. Core inflation, which excludes food and energy, is expected to be 2.8% in May, the FSO reported. Analysts were expecting a 2.1% inflation rate, according to Bloomberg.

In Spain, the Spanish Statistical Institute reported that its flash estimates peg annual inflation for May at 1.9%, down from 2.2% in April. The deceleration was attributed to declining leisure and culture prices. The rate was below analyst forecasts of 2.1%, according to Bloomberg.

And in corporate news, French pharmaceutical company Sanofi and Regeneron Pharmaceuticals said Friday that one of the phase 3 trials of itepekimab to treat former smokers with chronic obstructive pulmonary disease met its primary endpoint, while another did not meet the same primary endpoint.

Shares of Sanofi fell nearly 5% in Paris trading.

French oil and gas company TotalEnergies and RGE said Friday their joint venture Singa Renewables has received a conditional license from Singapore's Energy Market Authority to import 1 gigawatt of renewable power from Indonesia. The companies said their solar and battery storage project in Indonesia will supply clean firm power to "energy-intensive" customers in Singapore.

Oil and gas giants Shell and Exxon Mobil are seeking proposals for services to transport and store carbon dioxide, Bloomberg News reported Friday, citing a spokesperson of Singapore's Energy Market Authority. Exxon and the Singapore Energy Market Authority did not immediately respond to MT Newswires' request for comment.