European Shares Seen Flat To Higher At Open

(RTTNews) - European stocks may open flat to slightly higher on Friday as U.S. President Donald Trump's "big, beautiful" tax bill heads to the Senate for debate and review.

Trump has said he wants to sign the bill, which includes key tax provisions and spending cuts, into law by July 4.

Investors may also ponder the outlook for interest rates after a Federal Reserve official signaled potential rate cut and the Supreme Court insulated Federal Reserve board members while backing President Trump's power to fire independent federal agency members.

Federal Reserve Governor Christopher Waller said rate cuts could still happen in 2025 — if Trump's proposed tariffs stay around 10 percent.

On the tariff front, the European Union has presented a fresh trade proposal to the U.S. to help revive stalled talks, the Financial Times reported, citing two officials.

The offer includes phased tariff cuts on non-sensitive goods, plus cooperation in energy, AI, and digital infrastructure. The EU is readying some $108B in retaliatory tariffs if talks fail.

Asian markets fluctuated and the dollar eyed a weekly loss while Treasuries were little changed after rallying across the curve Thursday.

Oil prices declined and headed for a weekly drop as OPEC+ weighs another bumper production increase.

Gold ticked up and headed for the biggest weekly gain in more than a month as concerns about the U.S. fiscal deficit boosted the metal's safe-haven demand appeal.

The European economic calendar remains light, with retail sales from the U.K. and detailed quarterly national accounts from Germany awaited later in the day.

U.S. stocks ended narrowly mixed overnight as the House of Representatives passed a controversial bill that could add trillions to the federal government's already massive debt and widen the deficit at a time when the economy is facing the risk of stagflation due to tariff uncertainty.

The tech-heavy Nasdaq Composite rose 0.3 percent as Treasury yields eased from recent highs on improved readings concerning business activity, output expectations, weekly jobless claims and existing home sales. The Dow and the S&P 500 both finished marginally lower.

European stocks retreated from two-month highs on Thursday, pressured by weak PMI data and U.S. debt concerns.

The pan European STOXX 600 declined 0.6 percent. The German DAX and the U.K.'s FTSE 100 both dipped by half a percent while France's CAC 40 shed 0.6 percent.