European stocks may open on a cautious note Friday as economic uncertainties increase.
It is feared that the banking sector crisis in the U.S. and Europe may add to consumers’ anxiety about future incomes and weigh on global growth.
Asian stocks were declining, with Chinese markets leading regional losses after beleaguered developer China Evergrande Group announced a debt revamp plan.
The dollar index and Treasury yields were steady while gold traded slightly lower below $2,000 per ounce.
WTI crude futures fell below $70 a barrel as concerns over the banking industry simmered.
Overnight, U.S. stocks ended a volatile session higher after U.S. Treasury secretary Janet Yellen reassured that regulators are prepared to take more action to keep deposits safe at banks.
On the economic front, the latest reports on weekly jobless claims and new home sales painted a positive picture of the economy.
The Dow inched up 0.2 percent and the S&P 500 added 0.3 percent while the tech-heavy Nasdaq Composite rallied 1 percent as Treasury yields sank amid signs that the Federal Reserve is nearing the end of its tightening cycle.
European stocks closed Thursday’s session mostly lower as the Bank of England joined Norway and Switzerland in hiking interest rates.
The pan European STOXX 600 slipped 0.2 percent. The German DAX finished marginally lower and the U.K.’s FTSE 100 shed 0.9 percent while France’s CAC 40 edged up 0.1 percent.
Business News
European Shares To Open On Cautious Note Amid Growth Concerns
2023-03-24 05:36:37
