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European Shares Set To Follow Asian Peers Higher


European stocks look set to open higher on Friday after recent string of heavy losses.

Bargain hunting may emerge, tracking rising U.S. stock futures and a recovery in Asian markets after media reports suggested that the U.S. Treasury Department would not call China a currency manipulator in an upcoming report.

Sentiment was also bolstered after data showed China's exports have so far held up well despite escalating trade tensions with the U.S.

China's exports logged a double-digit growth in September, figures from customs administration revealed.

Exports grew 14.5 percent year-on-year in September, faster than the 9.8 percent increase seen in August. Imports advanced an annual 14.3 percent, resulting in higher trade surplus of around $32 billion in September.

The dollar hovered near two-week lows against its major peers and Treasury yields pulled back to their lowest level in a week after data showed that U.S. consumer prices rose by less than expected in September.

A strong dollar doesn't necessarily mean good for business and people are certainly not pleased when interest rates take an upward push, U.S. President Donald Trump on Thursday said.

Trump also described the policies of the Federal Reserve as "loco" and "crazy", but ruled out acting against Fed Chief Jerome Powell.

Gold held near an over two-month high hit in the previous session while oil prices held steady in Asian trade but remained on track for a more than 4 percent fall this week.

Industrial production from euro area and final consumer price data from Germany are due later in the session, headlining a light day for the European economic news.

Across the Atlantic, financial giants Citigroup, JPMorgan Chase and Wells Fargo are due to report their quarterly results before the start of trading.

Overnight, U.S. stocks fell sharply to extend losses from the previous session on concerns about growth and company profits.

While the Dow and the S&P 500 dropped around 2.1 percent to hit two-month and three-month closing lows respectively, the tech-heavy Nasdaq Composite shed 1.3 percent to hit its lowest closing level in five months.

European markets slumped on Thursday on the back of heightened fears over an expected slowdown in global growth.

The pan-European Stoxx Europe 600 index lost 2 percent. The German DAX gave up 1.5 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both fell 1.9 percent.

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