European Shares Poised For Mixed Open

2024-11-24 3166
(fxcue news) - European stocks are seen opening on a mixed note Friday due to lack of Wall Street cues. After closing for the Thanksgiving holiday, the U.S. stock exchanges will open for half a day today and close early at 1 p.m. EST. Asian stocks traded mixed, with benchmark indexes in mainland China and Hong Kong rallying more than 1 percent amid expectations that Chinese policymakers may roll out bold measures to boost consumer demand and counter U.S. tariffs at the upcoming Central Economic Work Conference next month. Japanese markets traded lower, and the yen jumped to over one-month high as Tokyo inflation data exceeded estimates, sparking speculation of a BOJ rate rise next month. Australian bond yields fell across the curve as Reserve Bank Governor Michele Bullock warned of prolonged restrictive monetary policy, saying inflation is "too high" to consider interest-rate cuts. The Brazilian real dropped to a record low and stocks slumped the most since early 2023 on disappointment over a government plan to cut spending. The dollar headed for its worst weekly loss since August amid ongoing Trump's tariff treats. Gold traded nearly 1 percent higher in Asian trade but was set for a weekly loss due to anxiety over the future of Federal Reserve interest-rate cuts. Oil prices were little changed after OPEC+ delayed a key virtual meeting by four days. European stocks snapped two days of declines on Thursday, though trading volumes remained thin due to the Thanksgiving holiday in the U.S. The pan European Stoxx 600 gained half a percent as Germany's annual inflation rate came in below economists' expectations in November, backing arguments for the European Central Bank to continue lowering interest rates. The German DAX climbed 0.9 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 edged up 0.1 percent.
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