Europe seen higher; Fed rally loses steam

European equities are expected to open higher on Friday as markets pause for thought after the U.S. Federal Reserve's latest statement.

Asian stocks were largely lower on Friday, mirroring Wall Street's finish overnight as the Fed-inspired rally lost steam.

Global markets had cheered the Federal Reserve's statement in the previous session, which hinted that the central bank might not pull the trigger on interest rates until later in the year.

In other news, markets will watch the second day of a European Union (EU) summit in Brussels on Friday at which Greek debt crisis, trade and the conflict in Ukraine have been on the agenda, among other issues.

Greek Prime Minister Alexis Tsipras asked for a meeting with top European policymakers, including German Chancellor Angela Merkel, European Central Bank chief Mario Draghi, French President Francois Hollande and European Commission President Jean-Claude Juncker on the sidelines of the summit.

On Friday, Reuters reported that at the meeting, Tsipras had assured EU creditors at late-night crisis talks that his leftist-led coalition would present soon a full set of economic reforms in order to unlock cash to stave off bankruptcy.

Tsipras said he was optimistic after the talks but German leader Merkel insisted that no money would be released before Athens implements budget measures and other reforms.