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European Shares Seen Up On Stimulus Hopes

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European Shares Seen Up On Stimulus Hopes

European stocks are seen opening higher on Friday as investors pin hopes on a fresh stimulus package for the U.S. economy.

There was a sliver of hope for some movement on Capitol Hill after reports emerged that House Democrats are working on a $2.4 trillion proposal.

House Speaker Nancy Pelosi reiterated that she is ready to negotiate with the White House to find an agreement.

Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin said on Thursday that the new economic relief package could help households and businesses.

"If Democrats are willing to sit down, I'm willing to sit down any time for bipartisan legislation. Let's pass something quickly," Mnuchin said.

Asian markets followed Wall Street higher after posting their biggest drop in more than three months on Thursday.

The dollar dipped from a two-month peak and gold edged lower while oil prices held steady but remained on track for a weekly fall.

On the Covid-19 front, U.S. coronavirus cases topped 7 million, accounting for more than 20 percent of the world's total. In Europe, health officials warned of the risk of a potentially lethal "twindemic of Covid-19 and the flu".

 

 

Public sector finance data from the U.K. is due later in the session, headlining a light day for the European economic news.

Across the Atlantic, trading may be impacted by reaction to the Commerce Department's report on durable goods orders in the month of August.

Overnight, U.S. stocks ended a choppy session modestly higher as stimulus hopes and encouraging housing data outweighed rising Covid-19 counts globally.

The Dow inched up 0.2 percent, the tech-heavy Nasdaq Composite rose 0.4 percent and the S&P 500 added 0.3 percent.

European markets closed at three-month lows on Thursday amid concerns a second wave of lockdowns could reverse the nascent economic recovery.

The pan European Stoxx 600 gave up 1 percent. The German DAX eased 0.3 percent, France's CAC 40 index shed 0.8 percent and the U.K.'s FTSE 100 lost 1.3 percent.

 

 

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