European stocks set to open lower as recovery concerns offset U.S. stimulus hopes

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European markets are set to open in negative territory on Friday as a reemergence of Covid-19 cases in China pulled back on positive sentiment.

Back in Europe, Italy has been plunged into political turmoil once again as former Prime Minister Matteo Renzigovernment on Wednesday. Current Prime Minister Giuseppe Conte resisted calls to resign, despite being stripped of the coalition's parliamentary majority.

The two-day special congress of Germany's ruling Christian Democratic Union party will begin Friday, with Chancellor Angela Merkel's successor due to be selected on Saturday.

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