European Shares Seen Up Ahead Of US GDP Data

European stocks are set to open a tad higher on Friday as investors await U.S. GDP data tonight and the outcome of BoJ policy meeting next week for directional cues.

U.S. second-quarter GDP growth is expected to be anywhere between four and five percent, a very impressive number, thanks to the boost from the GOP tax cuts of late 2017.

The Bank of Japan board meets for a rate review on July 30-31 amid speculation over whether it will shift away from its ultra-loose monetary policy.

The euro remains under selling pressure after the European Central Bank left interest rates unchanged, as expected, and emphasized that it wouldn’t raise interest rates until at least next summer.

Asian stock markets are trading mixed while oil traded flat after a three-day rally.

Overnight, U.S stocks ended mixed despite signs that trade tensions between the U.S and European Union may be on the mend.

The S&P 500 eased 0.3 percent and the tech-heavy Nasdaq Composite fell as much as 1 percent after a plunge in Facebook shares while the Dow rose 0.4 percent.

European markets closed higher on Thursday after the U.S. and the EU agreed to work on lowering trade barriers and the ECB maintained its forward guidance on monetary stimulus, saying the euro area economic recovery is proceeding along its solid and broad-based path.

The pan-European Stoxx Europe 600 index climbed 0.9 percent. The German DAX surged 1.8 percent and France’s CAC 40 index rallied 1 percent while the U.K’s FTSE 100 edged up 0.1 percent.

by RTTNews Staff Writer

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