European stocks are likely to open higher on Friday as investors finally see some relief in surging commodity prices.
Asian markets followed Wall Street higher as traders looked ahead to U.S. inflation data due next week.
Data showed earlier in the day that Japan’s annual core consumer inflation topped the central bank’s target for a second straight month in May but wage growth was subdued, casting doubt over the sustainability of cost-push inflation.
The dollar traded firm and U.S. 10-year Treasury yields edged up, denting demand for gold.
Oil prices extended recent declines on fears of slower demand and amid mounting pressure on OPEC to boost output.
Retail sales data from the U.K. and business confidence figures from Germany are the major economic reports due later in the day.
Across the Atlantic, trading may be impacted by reaction to a report on new home sales as well as a revised reading on consumer sentiment.
U.S. stocks posted solid gains overnight and U.S. Treasury yields hit two-week lows as commodity prices continued to ease on worries about a possible global recession.
The Dow rose 0.6 percent, the tech-heavy Nasdaq Composite climbed 1.6 percent and the S&P 500 added 1 percent.
European stocks fell on Thursday, as factory activity data released in Japan, Britain, the euro zone and United States all pointed to signs of slowing growth and the Norwegian central bank surprised markets with a bigger than expected 50 basis point rate hike.
The pan-European STOXX 600 index declined 0.8 percent. The German DAX tumbled 1.8 percent, France’s CAC 40 index shed 0.6 percent and the U.K.’s FTSE 100 dipped 1 percent.
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