European Shares Likely To Open Higher Ahead Of US Jobs Report

BRUSSELS/FRANKFURT/PARIS (Alliance News) - European stocks are likely to open higher on Friday ...

Alliance News 7 December, 2018 | 6:31AM
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BRUSSELS/FRANKFURT/PARIS (Alliance News) - European stocks are likely to open higher on Friday after US markets ended well off their day's lows overnight following reports that the Federal Reserve might consider slowing the pace of rate increases.

The Dow fell by nearly 800 points to its lowest intraday level in over a month before ending the day down by just 79.40 points or 0.3% at 24,947.67. The S&P 500 edged down 0.2% while the tech-heavy Nasdaq Composite rose 0.4%.

Asian shares inched higher, even as underlying sentiment remained cautious on concerns over fierce US-China trade friction.

The dollar held flat ahead of the Labor Department's closely watched monthly employment report for November due tonight.

US employment is expected to increase by 205,000 jobs in November after an increase of 250,000 jobs in October. The jobless rate is expected to hold at 3.7%.

Gold held near five-month high while US crude futures extended declines after ending down 2.7% on Thursday, as OPEC ended talks without a deal on oil production cuts for the first time in nearly five years.

The oil cartel, including Russia, will meet again Friday to thrash out an agreement on oil production cuts.

European markets tumbled on Thursday to log their worst single-day loss in 2 1/2-years amid fears of slowing global growth, falling oil prices and skepticism about the potential for a long-term trade agreement between the US and China.

The pan-European Stoxx Europe 600 index fell 3.1%. The German DAX plunged 3.5%, France's CAC 40 index 3.3% and the UK's FTSE 100 3.2%.

Copyright RTT News/dpa-AFX

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