European stocks set for strong open as earnings power global markets higher – CNBC

LONDON — European stocks are set for a positive open on Friday as corporate earnings drive global markets higher to close out the week.

Britain’s FTSE 100 is seen around 34 points higher at 7,242, Germany’s DAX is set to add around 62 points to 15,525 and France’s CAC 40 is expected to gain around 33 points to 6,718, according to IG data.

Shares in Asia-Pacific rose on Friday, led by Taiwan’s Taiex index, which surged more than 2% while Taiwan Semiconductor Manufacturing Company rose more than 4.5% following its earnings release a day earlier.

This followed a rally on Wall Street which saw the S&P 500 jump nearly 2% for its best day since March, driven by stronger-than-expected earnings from heavyweights Bank of America, Morgan Stanley and Citigroup.

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Futures were higher in early premarket trade on Friday, with Goldman Sachs, J.B. Hunt and PNC Financial among the big names reporting quarterly results on Friday.

The gains come despite concerns over hot inflation readings, with the U.S. consumer price index jumping 0.4% in September and 5.4% year-on-year, according to Labor Department figures.

Back in Europe, Rio Tinto, Redrow and Schroders are among those due to report earnings on Friday, while on the economic data front, French and Italian inflation figures for September will be published throughout the morning.

French cloud computing company OVH will launch on the Euronext Paris on Friday.

In other corporate news, Bayer has terminated a vaccine production partnership with CureVac, a Bayer spokesperson told a German newspaper on Thursday.

Oil prices are also in focus after rising on Thursday when top producer Saudi Arabia dismissed requests for additional OPEC+ supply, while the International Energy Agency said spikes in natural gas prices could bolster oil demand from power generators.

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