London/Tokyo — European shares struggled for momentum on Friday as doubts about extra monetary stimulus and overnight falls in US big tech shares kept investors on edge.
That followed European Central Bank president Christine Lagarde earlier in the day appearing to rule out measures to weaken the euro. US futures were higher, pointing to a recovery on Wall Street after losses on Thursday put the S&P 500 and the Nasdaq Composite on course for a second straight week of losses. On Friday, Nasdaq 100 futures were up 1.3% and S&P 500 futures 0.9% firmer.
“Global shares had rallied on expectations of economic recovery from lockdowns. But as the autumn begins , people wonder if the coronavirus infections could worsen,” said Kozo Koide, chief economist at Asset Management One. The EU is ramping up preparations for a tumultuous end to the four-year Brexit saga after Britain explicitly said this week that it plans to break international law by breaching parts of the Withdrawal Agreement treaty that is signed in January.
The US dollar was set for a second week of gains, an index which tracks it against major currencies showed. It gained overnight as US equity market jitters had investors sticking to safer assets.
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