European Shares Seen Lower At Open

(RTTNews) - European stocks look set to extend losses from the previous session on Friday after private reports indicated a cooling U.S. job market and several Federal Reserve officials cautioned about the path forward for monetary policy.

U.S. stock futures ticked lower as Tesla shareholders approved Elon Musk's huge pay deal and reports emerged that the U.S. won't allow Nvidia to sell its latest scaled-down version of Blackwell AI chip to China.

The Federal Aviation Administration has ordered airlines to cut thousands of flights starting today as the U.S. government shutdown enters Day 37, the longest on record.

It is not clear when the budget stand-off between Republican and Democratic lawmakers in Congress will end.

In economic releases, China's exports contracted in October, hit by a 25 percent drop in shipments to the United States, custom data showed.

Outbound shipments from the world's second-largest economy shrank 1.1 percent last month, the weakest since February, following an 8.3 percent increase in September.

Imports rose 1 percent last month from the year before, compared with 7.4 percent growth in September.

Foreign trade data from Germany and a preliminary reading on U.S. consumer sentiment for November may attract attention later in the day.

Asian markets were mostly lower, with tech-heavy Kospi and Nikkei leading regional losses.

Gold ticked higher toward $4,000 an ounce as the dollar dipped after the release of soft U.S. labor market data.

Oil edged higher but was set for a second weekly drop on heightened concerns about a global supply glut.

U.S. stocks tumbled overnight as weak private sector jobs data from Challenger, Gray & Christmas added to concerns about an AI bubble and the possibility of a near-term correction.

The tech-heavy Nasdaq Composite slumped 1.9 percent to hit a two-week low, while the S&P 500 shed 1.1 percent and the Dow gave up 0.8 percent.

The survey from the global outplacement firm showed that last month was the worst October for U.S. layoffs since 2003 as companies cut jobs and imposed hiring freezes.

It was said that employers announced 153,074 job cuts in October, up 183 percent from the 54,064 job cuts announced in September and up 175 percent from the 55,597 cuts announced in the same month a year ago.

U.S. firms terminated 1.09m roles during the first 10 months of this year, up 44 percent from the 761,358 cuts in 2024 and marking the highest level of year-to-date job cuts since 2020.

Separate data from Revelio Labs indicated that U.S. nonfarm payrolls decreased by 9,100 in October, compared to an increase of 33,000 in the previous month.

European stocks ended notably lower on Thursday on concerns about stretched valuations and economic uncertainty.

The pan-European Stoxx 600 fell 0.7 percent while the German DAX lost 1.3 percent and France's CAC 40 tumbled 1.4 percent.

The U.K.'s FTSE 100 dipped 0.4 percent as the Bank of England kept borrowing costs on hold in a tight vote but signalled a possible cut as soon as next month.