LONDON (AP) — European stock markets fell modestly Friday and Wall Street headed for a lower opening after strong gains the day before on U.S. data revealing the world’s largest economy had broken out of a yearlong slump.

In afternoon European trading, Germany’s DAX shed 0.5 percent to 5,562.49, Britain’s FTSE 100 was flat at 5,137.86 and France’s CAC 40 slipped 0.4 percent to 3,697.83.

Ahead of Wall Street’s opening, Dow Jones industrial average futures were 0.4 percent lower at 9,862 and Standard & Poor’s 500 futures lost 0.5 percent at 1,056.80. Investors were expected to focus on U.S. personal income and spending data for September, released at 1230 GMT (8:30 a.m. EDT).

Asian stock markets snapped three days of losses following Thursday’s report that U.S. gross domestic product rose at an annual rate of 3.5 percent in the third quarter, spurring hopes of improved demand for the region’s exports.

Major benchmarks from Tokyo to Sydney gained 1.5 percent while a few markets failed to hold their gains and ended slightly down.

On Wall Street, the GDP data reinvigorated investors who had dumped stocks for much of the week on signs of a slowing U.S. housing market and weak consumer confidence.

The Dow Jones industrial average had its best day since July 15, rising 199.89 points, or 2.1 percent, to 9,962.58. The broader Standard & Poor’s 500 index rose 2.3 percent to 1,066.11.

“From the mid to end of this week we have almost jumped back to 12 months ago when we had this intense volatility in the markets,” said James Hughes, market analyst at CMC Markets. “If anything, a bit of calm is coming to European markets today and I think things are going to peter out towards the weekend in what has been a big week.”

In Europe, financials were generally higher while oil stocks slipped as the price of crude fell below $80 a barrel.

Shares in France’s Alcatel-Lucent SA plunged 8 percent after the telecommunications equipment maker said its net loss widened in the third quarter as it lost sales in Europe. It made a net loss of euro182 million ($269 million) in the period, compared to a euro40 million loss a year earlier — worse than analysts had forecast.

Meanwhile, in a sign of improving financial and economic conditions, Japan’s central bank said it would stop buying corporate debt in December, ending some of the emergency credit measures implemented early this year as it battled recession, plunging markets and a lending freeze. That news came as the world’s No. 2 economy reported a drop in unemployment for the second straight month in September.

Earnings also provided positive cues. Japanese electronics and entertainment giant Sony reported a smaller-than-expected quarterly loss of $289 million and trimmed its estimate of full-year losses. South Korea’s Samsung, a world leader in consumer electronics, said quarterly profit tripled to a record $3.14 billion.

Hong Kong’s Hang Seng led Asia’s advance, jumping 2.3 percent to 21,752.87. Japan’s Nikkei 225 stock average gained 1.5 percent at 10,034.74, while South Korea’s Kospi reversed course to fall 0.3 percent to 1,580.69.

Elsewhere, China’s Shanghai Composite Index climbed 1.2 percent, Singapore’s market was up 0.8 percent and Australia’s benchmark gained 1.5 percent.

The swing higher remains vulnerable to disappointment with stocks already up massively since the global rally began in March. There are also nagging doubts whether private economic activity can sustain growth once the effects of unprecedented government stimulus spending and super-low interest rates begin to fade.

“The external demand outlook is highly uncertain,” Goldman Sachs economist Chiwoong Lee said in a report. “Government policies in Japan and overseas should support production growth for the remainder of the year, but we still see risk of a fall in production when the policy boost fades.”

Oil prices stayed below $80 a barrel in Europe. Benchmark crude for December delivery was down 73 cents to $79.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to settle at $79.87 on Thursday.

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Associated Press Writers Stephen Wright in Bangkok and Tomoko A. Hosaka in Tokyo contributed to this report.