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European stocks are likely to open lower on Friday amid worries that inflation-fighting central banks would tip world economies into recession. <\/p>\n
The Fed’s preferred inflation measure held around multi-decade highs in May and a measure of U.S. consumer spending fell in May for the first time this year and prior months were revised lower, underlining the gloomy outlook. <\/p>\n
Elsewhere, sentiment at Japan’s large manufacturers worsened in the April-to-June period, the Bank of Japan’s quarterly tankan business<\/span> survey showed, rekindling worries about the world’s third largest economy.<\/p>\n Chinese data offered some respite, with the Caixin\/Markit manufacturing purchasing managers’ index (PMI) rising to 51.7 in June, indicating the first expansion in four months.<\/p>\n Traders await flash Eurozone consumer inflation figures and the U.S. ISM Manufacturing PMI later in the day for a fresh impetus.<\/p>\n The final Eurozone PMI reading is seen at 52.0 in June, in line with the flash estimate, but down from 54.6 in May.<\/p>\n Asian markets<\/span> traded mostly lower while oil extended overnight losses after an OPEC decision to proceed with a limited boost to output. <\/p>\n The dollar was little changed against major peers but was on track for its best week in four. Gold was on track for its third weekly fall. <\/p>\n U.S. stocks fell overnight to wrap up a grueling second quarter after data showed U.S. household spending slowed in May amid historically high inflation and elevated interest rates.<\/p>\n The S&P 500 dropped 0.9 percent, bringing its losses for the first half of the year to 21 percent. The Dow dipped 0.8 percent and the tech-heavy Nasdaq Composite fell 1.3 percent.<\/p>\n European stocks slumped on Thursday, suffering their worst quarter since the pandemic-led carnage in early 2020 amid worries about prolonged inflation leading to a global economic downturn.<\/p>\n The pan European Stoxx 600 tumbled 1.5 percent. The German DAX fell 1.7 percent, France’s CAC 40 index gave up 1.8 percent and the U.K.’s FTSE 100 declined 2 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n