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European Shares Likely To Open On Positive Note

(RTTNews) - European markets are likely to open higher on Friday, tracking overnight gains on Wall Street and a recovery in crude oil prices.

After plunging sharply on Thursday, crude oil futures have rebounded this morning, despite concerns about excess supply in the market and fears about possible drop in energy demand due to global economic slowdown.

Worries about global economy, trade war jitters and the impact of U.S. government shutdown may continue to weigh on markets and cap upside.

Meanwhile, on the Brexit front, British ministers are reportedly hoping to start negotiating deals after leaving the European Union and start implementing them from 2021.

Labour leader Jeremy Corbyn has reportedly urged Theresa May to recall Parliament early from its Christmas break to vote on her proposed Brexit deal. He accuses May of delaying the vote as a "cynical manoeuvre" designed to give the House of Commons no choice but to accept the Government's plan or face a no-deal Brexit. Parliament is currently due to return on January 7.

On the economic front, data from Markit showed Russian manufacturing growth to have eased in December to the third-highest rate in 2018. However, output and new business remained strong, the report said. The main PMI index dropped to 51.7 in the month, from 52.6 in November.

Reports on Norway's retail sales, house prices in the U.K., Germany's consumer price inflation, Spanish inflation and Sweden's imports & exports are due for release today.

On Thursday, most of the markets in Europe ended notably lower, despite opening on a positive note. Markets tracked lower U.S. index futures and disappointing U.S. consumer confidence data, and were also weighed down by lingering worries about global economic slowdown, Sino-U.S. trade disputes and the ongoing partial U.S. government shutdown.

Among the major markets in the region, Germany's DAX ended lower by 2.37%, France's CAC 40 ended 0.6% down and the U.K.'s FTSE 100 declined 1.5%. The SMI of Switzerland closed lower by 2.63%.

U.S. stocks, however, rebounded after a sharp setback to close on a strong note. The Dow, which had plunged more than 600 points at one stage, rallied to end up 260.37 points or 1.1%. The Nasdaq gained 0.4% and the S&P 500 added about 0.9%.
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