European markets were mixed in morning trading after the pound's "flash crash" in the early hours of Asia's trading session on Friday. Investors are also taking a cautious tone ahead of today's U.S. jobs report.

Futures were pointing to the U.S. markets opening down. Dow Jones Industrial Average mini futures were recently down 0.23% and S&P 500 mini futures were down 0.27%. 

The British currency fell more than 6% against the dollar in two-minutes when markets opened in Asia, to fall to $1.1841. The reason for the fall is yet unknown with rumors of a "fat finger" trade, computer glitches and the fact that France's president took a hard line on Brexit on Thursday.

The pound pared the earlier losses and was recently down 1.44% at $1.2434.

The euro has gained in the turmoil, reaching a five-year high against the pound up 1.10% to £0.8935.

Data out of Europe showed encouraging signs for the economies on the continent. German industrial production figures for August were ahead of expectations. Production rose 2.5% month-on-month. Economists has expected a rise of just 1% in August after a fall of 1.5% in July.

Year-on-year production rose 1.9% in August, compared with forecasts of a 0.4% rise.

In France factory output was also up in August. Industrial production was up 2.1% month-on-month, data from statistics agency Insee show, better than expectations of a rise of just 0.6%.

In London, the FTSE 100 was up 0.44% to 7,030.04 making it the only European market in positive territory.

In Frankfurt, the Dax was down 0.43% at 10,523.40 and the Cac 40 lost 0.45% to 4,460.04.

Miners were the early risers in London with Anglo American (NGLOY) up 2.86% and BHP Billiton (BHP) gaining 2.62%.

Rio Tinto (RIO) was up 1.78% and Antofagasta gained 1.68%.

Deutsche Bank (DB - Get Report) had recently gained 1.42% in Frankfurt. Reports today in the Financial Times suggest the bank is considering an IPO of its asset management division, raising €2 billion to €3 billion. The German lender has declined to comment on the reports.

Innogy, the renewable business floated by German utility company RWE today, were trading about their IPO price of €36 at €36.86. The company is made up of RWE's renewables, retail and grid businesses and was formed as RWE attempts to adapt to Germany's push towards renewables.

RWE (RWEOY) was down 2.7% in morning trading. Competitor EON  (EONGY) was the biggest riser on the Dax, gaining 3.26%.

Dutch lender ABN Amro gained 1.7% in early trading after the Dutch government rejected a bid from Nordea (NRBAY) to buy the bank.

West Texas Intermediate was recently up 0.18% at $50.68 and Brent Crude had gained 0.53% to $52.79 a barrel.