European Shares Likely To Open On Firm Note

European stocks are seen opening on a positive note Thursday as European leaders debate ways to ramp up sanctions against Iran.

“We need to adapt and expand them,” French President Emmanuel Macron said of sanctions the EU has already slapped on the Islamic Republic.

Israel would make its own decisions on potential retaliation for Iran’s unprecedented attack, prime minister Benjamin Netanyahu has said – hours after David Cameron landed in Israel for talks, urging restraint.

Asian markets traded mostly higher despite an extended sell-off on Wall Street overnight, led by technology stocks.

After Fed Chair Jerome Powell threw cold water on rate-cut bets, traders now expect just one or two rate cuts this year, down from forecasts for six or more at the start of the year, according to data from CME Group.

A weeklong sell-off in U.S. Treasuries paused after a $13 billion sale of 20-year bonds drew solid demand.

The dollar retreated from an over five-month peak ahead of U.S. reports on weekly jobless claims, existing home sales and Philadelphia-area manufacturing activity due later in the day.

The day’s European economic calendar remains light, with current account data from the euro area likely to garner some attention.

Gold ticked higher on dollar weakness while oil traded slightly higher after falling around 3 percent on Wednesday amid demand concerns.

U.S. stocks ended lower overnight as Middle East tensions remained high and hawkish Fed commentary dashed investor hopes for multiple rate cuts this year.

The Dow slipped 0.1 percent, while the S&P 500 and the the-heavy Nasdaq Composite shed 0.6 percent and 1.2 percent, respectively to extend losses for a fourth day running.

European stocks eked out modest gains on Wednesday after falling sharply in the previous session.

The pan European STOXX 600 ended flat with a positive bias. The German DAX finished marginally higher, France’s CAC 40 rose 0.6 percent and the U.K.’s FTSE 100 added 0.4 percent.