European stock markets are expected to open higher on Friday amid sluggish volume affected by the holidays, pending the release of more regional data on growth, inflation and confidence.
At 02:00 ET (07:00 GMT), the contract DAX futures in Germany it was trading up 0.6%, CAC 40 futures in France it rose 0.3%, and the contract FTSE 100 futures in the United Kingdom it advanced by 0.3%.
The economic data published this week have contributed to European markets approaching the end of the year with some optimism that the recession expected for the region in 2023 will not be as severe as initially feared.
There are more figures to digest on Friday, the day the UK stock market closes early before the Christmas holidays, with the release of Spain’s third-quarter data. GDP, November French PPI and Italian consumer confidence in December.
However, most of the attention will be focused on the U.S. economic data calendar, with data from Personal consumption expenditure, the Federal Reserve’s favorite inflation indicator, which will be released later on Friday and which will provide more clues about the direction of prices as 2023 approaches.
In business, Nestlé could be in the spotlight on Friday after the Swiss food giant’s chief financial officer, François-Xavier Roger, foresees a difficult six months before inflation starts to ease in the second half of 2023.
Oil prices rose on Friday on expectations that Russian supply will shrink in the new year as traders digest the impact of the U.S. winter storm.
Russia will halt sales of its oil to countries that support price caps introduced by G7 countries earlier this month, which could reduce oil production by 5% to 7% by early 2023, RIA news agency quoted Deputy Prime Minister Alexander Novak as saying on Friday.
This would further reduce global supply, which would likely boost prices by increasing demand, particularly from China, which is recovering from its latest COVID outbreak.
Meanwhile, a winter storm is battering much of the United States, prompting warnings from Maine to the Gulf of Mexico. This has led to the cancellation of thousands of flights, but also an increase in the demand for energy to heat homes and offices.
By 02:00 ET, futures U.S. crude They were trading 0.9% higher at $78.19 a barrel, while the contract Brent It rose 1.3 percent to $82.04.
In addition Gold Futures was up 0.4% at $1,802.90/oz, while EUR/USD It was trading 0.2% higher at 1.0609.