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European Shares To Open On Steady Note Ahead Of Fed Powell's Speech

RTTNews | 837 days ago

European Shares To Open On Steady Note Ahead Of Fed Powell's Speech

(RTTNews) - European stocks are seen opening on a steady note Friday amid hopes that the United States could soon reach debt ceiling deal to avoid a default.

U.S. Vice President Kamala Harris and Biden's top economic adviser, Lael Brainard, said a debt default could trigger a recession.

Traders will also react to comments from Fed officials on interest rates staying high.

Dallas Federal Reserve Bank President Lorie Logan said current data doesn't justify pausing rate hikes yet.

St. Louis Fed President James Bullard reaffirmed his support for lifting interest rates further as an "insurance" policy against inflation.

Fed Governor and vice chair nominee Philip Jefferson said that progress on inflation is slowing, but it is still too early for the full impact of the interest rates over the past year to be fully felt.

Fed Chair Jerome Powell, ECB President Christine Lagarde and New York Fed's John Williams are scheduled to speak later today.

Asian markets were mostly higher despite concerns that China's economic recovery is losing steam. Oil and gold traded higher even as the dollar index stood near a two-month high.

U.S. stocks closed higher for a second straight day on Thursday, with Walmart's strong earnings and optimism that lawmakers will eventually reach an agreement on raising the U.S. debt ceiling helping underpin sentiment.

Traders also reacted to mixed readings on existing home sales, regional manufacturing activity and weekly jobless claims.

The S&P 500 gained 0.9 percent and the tech-heavy Nasdaq Composite jumped 1.5 percent to reach their best closing levels in about nine months while the Dow added 0.3 percent.

European stocks closed higher on Thursday amid U.S. debt ceiling optimism and comments from ECB Vice President Luis de Guindos that most of the tightening has already been done.

The pan European STOXX 600 gained 0.4 percent. The German DAX rallied 1.3 percent, France's CAC 40 rose 0.6 percent and the U.K.'s FTSE 100 edged up 0.3 percent.

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