European Shares Seen Higher At Open

European stocks look set to open on a firm note Friday, tracking positive cues from Wall Street and Asia.

The Dow Jones Industrial Average jumped 1 percent and the S&P 500 added 0.8 percent to hit fresh record closing highs on Thursday while the tech-heavy Nasdaq Composite surged 1 percent.

Asian markets followed Wall Street higher as easing trade tensions and solid manufacturing data from Japan helped to bolster investor confidence about the global economy.

Gold prices held near one-week highs and the U.S. dollar slumped ahead of next week’s Federal Reserve meeting, while oil extended overnight losses after U.S. President Donald Trump called on the OPEC to lower prices ahead of this weekend’s meeting in Algeria.

Britain and its European Union partners failed on Thursday to secure a breakthrough in Brexit talks despite U.K. Prime Minister Theresa May coming up with new proposals for the Irish border.

Flash Purchasing Managers’ survey data from euro area and public sector finance figures from the U.K. are due later in the session, headlining a light day for the European economic news.

The Eurozone flash composite PMI reading is seen at 54.5 in September, unchanged from August. The U.K. budget deficit is seen at GBP 3.4 billion in August compared to a surplus of GBP 2 billion in July.

European markets ended Thursday’s session solidly higher, driven by gains in the banking, auto and basic resources sectors.

The pan-European Stoxx Europe 600 index rose 0.7 percent to end higher for a fifth consecutive day. The German DAX gained 0.9 percent, France’s CAC 40 index climbed 1.1 percent and the U.K.’s FTSE 100 advanced half a percent.

by RTTNews Staff Writer

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