(RTTNews) - The European markets may open lower on Friday after LME base metal futures fell in early Asian trading on Friday due to profit taking.

Crude oil futures in Asia gave up some of their overnight gains Friday. The commodity is now trading at $71.11 a barrel, down nearly a percent on the back of the dollar’s gains against the yen and euro.

The U.S. dollar has rebounded from its recent lows after Federal Reserve Chairman Ben Bernanke said he would continue accommodative policies for an extended period. However, as economic recovery takes hold, the Fed will have to tighten its monetary policy to ward off inflation, Bernanke added.

On the economic front, Germany’s consumer price index or CPI fell 0.3% year-over-year in September after posting zero growth in August, the Federal Statistical Office said on Friday. On a monthly basis, the CPI fell 0.4%, the first fall in four months.

Separately, data released by the Federal Statistical Office revealed that German trade surplus stood at EUR 8.1 billion in August, down from July’s EUR 14.1 billion and the expected surplus of EUR 12 billion. A year ago, the surplus was EUR 10.8 billion.

On a monthly basis, exports slipped 1.8% in August, reversing July’s 1.7% rise. Economists were expecting a monthly growth of 1.9%.

Besides, a report on British producer prices is due at 4.30 am ET. Input prices are forecast to drop 0.8% from last month and to fall 6.8% annually.

The mood across stock markets in the Asia-Pacific region remained cautiously optimistic on Friday. After opening on a strong note, most of the markets have pared their early gains. However, the Chinese market, which has opened after a weeklong break, is up over 4%.

On Wall Street, stocks turned in a strong performance on Thursday, as upbeat employment data and corporate news generated some buying interest. However, the major averages closed well off their highs for the session after the Treasury Department’s auction of $12.0 billion worth of thirty-year bonds drew a high yield of 4.009 percent and saw weaker than expected demand, reflecting higher borrowing costs for the government. The Dow rose 0.63%, the Nasdaq moved up 0.64% and the S&P 500 added 0.75%.

In corporate news, GlaxoSmithKline Plc announced an agreement with the U.S. Patent and Trademark Office to join the the office’s motion to dismiss its litigation over Final Regulations published in August 2007.

Renault SA has confirmed its strategic interest in the development of AvtoVAZ and is ready to invest in the development of the enterprise, Russian First Deputy Prime Minister Igor Shuvalov said.

France’s re-insurer Scor SE has decided to open a Life branch office in the Netherlands to further strengthen its presence in the Dutch Life reinsurance market.

Rubis SA said it signed two agreements with Total SA and Royal Dutch Shell Plc to operate 60 gas stations in Corsica.

France’s Theolia SA sold a wind farm with a capacity of 9.2 megawatts to Boralex Inc, an important international player in the field of renewable energy.

Swiss fragrance and flavors maker Givaudan S.A. announced a smaller -than-expected 3.9% fall in its nine-month sales.

Belgium’s mobile-phone company Mobistar SA and Royal KPN NV have announced a collaboration agreement to jointly expand their mobile telecommunication networks.

The European markets rose on Thursday, as mining stocks rallied after metals prices climbed and Alcoa kicked off third quarter U.S. earnings season with a surprise profit. The European Central Bank held its key interest rate at a record low of 1% for the fifth straight month. The Bank of England also retained its key interest rate at a record low and decided to continue its �175 billion asset purchase program intact, as expected, in an effort to support the fragile British economy.

The FTSEurofirst 300 index of pan-European blue chips closed 1.26% higher, while the narrower DJ Stoxx 50 index rose 1.08%. Around Europe, the U.K.’s FTSE 10 index rose 0.90%, France’s CAC 40 index advanced 0.34% and Germany’s DAX index added 1.34%.

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Posted in Categories: Eurozone, Japan, Releases, Stocks, Switzerland, UK, USA.

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