European Shares Seen Opening On Cautious Note

European stocks are seen opening a tad lower on Friday as investors keep a wary eye on developments surrounding the coronavirus.

The global number of Covid-19 cases jumped to over 7.5 million, while the death toll neared 421,000, according to Johns Hopkins University.

The United States continues with the world’s highest number of confirmed cases followed by Brazil, Russia, India and the U.K.

As worries mount over second case of infections, U.S. Treasury Secretary Steven Mnuchin dismissed a need for a second shutdown even if new cases accelerate.

Asian markets recouped some early losses as U.S. stock futures rebounded in after-hours trading.

Gold held steady while the dollar rose on safe-haven demand. Oil extended losses after falling about 8 percent overnight.

Monthly GDP, industrial production and foreign trade data from the U.K. and final consumer inflation figures from France are due later in the day.

Eurostat will publish euro area industrial production figures for April. Output is expected to fall 20 percent month-on-month, following an 11.3 percent decrease in March.

Across the Atlantic, trading may be impacted by reaction to reports on import and export prices and consumer sentiment.

U.S. stocks nosedived overnight to suffer their worst sell-off since March as the Fed’s dour economic projections and resurgence in coronavirus cases put investors in risk-off mode.

The Dow Jones Industrial Average plunged 6.9 percent, the tech-heavy Nasdaq Composite plummeted 5.3 percent and the S&P 500 tumbled 5.9 percent.

European markets plunged the most in more than two months on Thursday after reports suggested that a possible second wave of the coronavirus pandemic could be taking hold in several U.S. states.

The pan European Stoxx 600 declined 4.1 percent. The German DAX lost 4.5 percent, France’s CAC 40 index shed 4.7 percent and the U.K.’s FTSE 100 gave up 4 percent.

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