European stocks are seen opening on a firm note Friday as investors react to dovish remarks from Federal Reserve Governor Christopher

European stocks extended gains on Friday, after having hit their highest level in a month the previous day on the back of strong

Luxury stocks in Europe surged on Richemont's record sales, while Nvidia and the Magnificent 7 faltered on chip curb concerns. With banks outperforming and yields stabilizing, the stage is set for continued rotation toward lower-valuation sectors.

The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to move back to the upside after

MSCI's gauge of stocks across the globe rose 2.38 points, or 0.28%, to 849.68. Earlier, Europe's STOXX 600 index closed up 0.98%, with luxury stocks boosted after Cartier jewelry owner Richemont's results exceeded analysts' expectations.

On Wall Street, major indices declined after their biggest daily percentage gains since the November 6 rally post the US presidential election. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13; the S&P 500 dropped 12.57 points, or 0.21%, to 5,937.34; and the Nasdaq Composite lost 172.94 points, or 0.89%, to 19,338.29.

The pound tumbled against the dollar, slipping 0.3% to $1.2196, on Friday morning after weaker-than-expected UK retail sales bolstered the case for interest rate cuts by the Bank of England to help boost failing economic growth.

The British 10-year gilt yield retreated for the second day, letting the British government breath a sigh of relief – especially after yesterday’s GDP data showed that the UK economy hasn’t expanded – at all – under the new Labour government.

Richemont reported better-than-expected quarterly sales, triggering a rally in luxury stocks, after its core jewelry division bucked a downturn in demand for high-end goods.

The drop in Apple shares Thursday broke a three-day winning streak for the S&P, despite big banks posting upbeat earnings.

NEW YORK/LONDON >> MSCI’s global equities gauge rose today, while Wall Street stocks dipped and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve officials’ comments suggested more interest rate cuts on the horizon.

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