European Shares Seen Broadly Lower; FTSE 100 May See Firm Start

(RTTNews) - European stocks are seen opening broadly lower on Thursday even as U.K. markets may open on a firm note following declines for four straight sessions.

The U.K.'s new government will announce the Autumn Budget on 30 October. The Chancellor will be balancing spending cuts and tax increases with measures to stimulate growth.

Trading later in the day may be impacted by reaction to the latest U.S. economic data, including reports on weekly jobless claims, manufacturing and services PMI for October and new home sales for September.

Flash Purchasing Managers' survey data from the euro area and the U.K. are also awaited later in the day.

On the earnings front, EV maker Tesla reported robust third quarter profits and surprised analysts with a prediction for a 20-30 percent growth in sales next year.

Tech giant IBM's Q3 earnings beat expectations but revenue missed views. Likewise, Mattel, the manufacturer of Barbie and other popular toys, topped Wall Street estimates for quarterly profit but trimmed its annual sales forecast.

Asian stocks traded mixed, with Chinese and Hong Kong markets underperforming as tech shares fell on concerns the U.S.-China trade tensions may worsen.

Gold edged up slightly in Asian trading and was on track for a weekly gain due to investor anxiety over the impending U.S. election and heightened tensions in the Middle East.

A new national poll has indicated that former President Donald Trump was gaining an edge over Vice President Kamala Harris in the race to succeed President Biden in the White House. However, markets still expect a hotly contested race.

Oil prices rose more than 1 percent and were on track for a 3 percent weekly gain.

U.S. stocks fell overnight as rising bond yields and uncertainty about the outcome of the Nov. 5 presidential election triggered a sell-off in the world's largest technology companies.

The 10-year yield rose to its highest level in almost three months amid bets the Federal Reserve will take a more measured approach on rate cuts.

The Dow dropped 1 percent and the S&P 500 declined 0.9 percent to extend losses into a third straight day, while the tech-heavy Nasdaq Composite tumbled 1.6 percent.

European stocks fell for a third straight session on Wednesday as investors reacted to mixed corporate earnings and looked ahead to the U.K. autumn budget.

The pan-European STOXX 600 dipped 0.3 percent. The German DAX slipped 0.2 percent, France's CAC 40 gave up half a percent and the U.K.'s FTSE 100 dipped 0.6 percent.