(RTTNews) - European stocks are seen opening on a cautious note Friday as investors fret about rising coronavirus infections around the world and reports of a sweeping overhaul of the U.S. tax system.
Asian markets are trading mixed as investors struggled to navigate through a very muddled global outlook.
Treasury yields and the dollar held steady while gold was poised for a third straight weekly rise, as investors await the U.S. Federal Reserve's meeting next week for trading cues.
Oil prices rose in Asian trade despite a surprise build in U.S. crude inventories and a resurgence of Covid-19 cases in India and Japan.
Eurozone flash PMI figures along with retail sales and public sector finance data from the U.K. are due later in the session, headlining a busy day for the European economic news.
Across the Atlantic, trading may be impacted by reaction to a report on new home sales for March.
Earnings news is likely to be in focus, with Intel saying it saw "explosive" growth in demand for its computer chips in the past quarter.
American Express and Honeywell are among the companies due to report their results before the start of trading later today.
U.S. stocks fell notably overnight after reports emerged that the Biden administration plans to nearly double the capital gains tax rate for wealthy individuals to fund spending on child care and education.
The Dow, the S&P 500 and the tech-heavy Nasdaq Composite all fell around 0.9 percent ahead of big tech earnings next week.
European stocks ended Thursday's session higher after the European Central Bank emphasized it was too early to talk about tapering its bond-buying program.
The pan European Stoxx 600 edged up 0.7 percent. The German DAX gained 0.8 percent, France's CAC 40 index climbed 0.9 percent and the U.K.'s FTSE 100 added 0.6 percent.
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