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European stocks may open flat to slightly higher on Friday as U.S. President Donald Trump’s “big, beautiful” tax bill heads to the Senate for debate and review. <\/p>\n
Trump has said he wants to sign the bill, which includes key tax provisions and spending cuts, into law by July 4. <\/p>\n
Investors may also ponder the outlook for interest rates after a Federal Reserve official signaled potential rate cut and the Supreme Court insulated Federal Reserve board members while backing President Trump’s power to fire independent federal agency members.<\/p>\n
Federal Reserve Governor Christopher Waller said rate cuts could still happen in 2025 \u2014 if Trump’s proposed tariffs stay around 10 percent. <\/p>\n
On the tariff front, the European Union has presented a fresh trade proposal to the U.S. to help revive stalled talks, the Financial Times reported, citing two officials. <\/p>\n
The offer includes phased tariff cuts on non-sensitive goods, plus cooperation in energy, AI, and digital infrastructure. The EU is readying some $108B in retaliatory tariffs if talks fail.<\/p>\n
Asian markets<\/span> fluctuated and the dollar eyed a weekly loss while Treasuries were little changed after rallying across the curve Thursday.<\/p>\n Oil prices declined and headed for a weekly drop as OPEC+ weighs another bumper production increase. <\/p>\n Gold ticked up and headed for the biggest weekly gain in more than a month as concerns about the U.S. fiscal deficit boosted the metal’s safe-haven demand appeal.<\/p>\n The European economic calendar remains light, with retail sales from the U.K. and detailed quarterly national accounts from Germany awaited later in the day. <\/p>\n U.S. stocks ended narrowly mixed overnight as the House of Representatives passed a controversial bill that could add trillions to the federal government’s already massive debt and widen the deficit at a time when the economy<\/span> is facing the risk of stagflation due to tariff uncertainty.<\/p>\n The tech-heavy Nasdaq Composite rose 0.3 percent as Treasury yields eased from recent highs on improved readings concerning business<\/span> activity, output expectations, weekly jobless claims and existing home sales. The Dow and the S&P 500 both finished marginally lower. <\/p>\n European stocks retreated from two-month highs on Thursday, pressured by weak PMI data and U.S. debt concerns. <\/p>\n The pan European STOXX 600 declined 0.6 percent. The German DAX and the U.K.’s FTSE 100 both dipped by half a percent while France’s CAC 40 shed 0.6 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n