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EUROPE BEFORE THE BELL: EARLY BOUNCE, THEN WAIT FOR ALASKA

European shares are set to bounce at the open, potentially taking them back to their March highs, as a broad sense of optimism continues across stock markets and traders await the meeting between Donald Trump and Vladimir Putin.

Euro Stoxx 50 futures are up 0.68% STXEc1 with FTSE futures FFIc1 up 0.57%. The broad Stoxx 600 benchmark is already up 1.2% on the week. .STOXX

Top of mind Friday will be any chatter around the meeting between U.S. and Russian leaders who are holding talks in Alaska.

The White House said the meeting will take place at 11 a.m Alaska time (1900 GMT), so well after market close, giving us all time to ponder and speculate before then.

Stock markets at least weren't that moved by Thursday's hot U.S. PPI data. It probably won't do much to derail bets on a September rate cut by the Fed, but has pretty much put to bed talk of a larger 50 bp move.

Company-wise, earnings are a bit thinner, but eyes will be on chip stocks after U.S. peer Applied Materials AMAT.O forecast fourth-quarter revenue and profit below estimates on Thursday, citing weak demand in China and erratic orders from customers facing uncertainty due to tariffs, sending its shares down nearly 13% in extended trading.

(Alun John)

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