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| - European stock markets steadied Friday, pulling back from virus-driven losses on news of rebounding economic growth across the region. Catching up with Thursday's losses on Wall Street, Asian bourses tumbled heading into the weekend with sentiment roiled ahead of Tuesday's US presidential election and uncertainty over a key American stimulus package. "Stocks remain under pressure (also) after global daily coronavirus cases hit a record high after breaching the 500,000 threshold," said Joshua Mahony, analyst at IG trading group. Eurozone output soared by a record 12.7 percent in the third quarter as the bloc bounced back from the depths of the coronavirus lockdown, official data showed Friday. But, despite the rebound, total gross domestic product in the 19-country zone is still 4.3 percent down on the third quarter of 2019. In the European Union, GDP increased by 12.1 percent in the third quarter but remained 3.9 percent down on the same period last year. The news came one day after official data showed the US economy expanded by a record 33.1 percent in the same period, after a 31.4-percent collapse in the previous three months. Markets remain fearful however that the world economy could now be heading for a double-dip recession. "Growth data for the third quarter have impressed today, with Spanish, German, French, and eurozone readings all coming in above market estimates," added Mahony. "However, it comes as no surprise to see markets fail to post a proportionate rally (due to) fears of a double-dip recession." Equities and oil prices have endured a torrid week as governments are forced to act to contain a second wave of disease in the northern hemisphere. European Central Bank boss Christine Lagarde on Thursday warned that the eurozone economy was "losing momentum more rapidly than expected" after a partial summer rebound. Eyes are now on Tuesday's US presidential election, with expectations Joe Biden will win the White House, while Democrats could sweep both houses of Congress, which observers say could see the passage of a huge new stimulus package. Traders remain nervous that US President Donald Trump could contest any tight result on claims of mail-in voter fraud. Meanwhile in corporate news Friday, shares in airline group IAG rebounded around two percent despite the owner of British Airways and Iberia posting a net loss of 1.76 billion euros ($2.1 billion) in the third quarter on coronavirus fallout. Air France-KLM shares sank by nearly three percent after the carrier posted a similar net loss of 1.7 billion euros for the same period. London - FTSE 100: DOWN 0.1 percent at 5,578.53 points Frankfurt - DAX 30: FLAT at 11,601.58 Paris - CAC 40: UP 0.6 percent at 4,595.21 EURO STOXX 50: UP 0.2 percent at 2,967.19 Tokyo - Nikkei 225: DOWN 1.5 percent at 22.977.13 (close) Hong Kong - Hang Seng: DOWN 2.0 percent at 24,107.42 (close) Shanghai - Composite: DOWN 1.5 percent at 3,224.53 (close) New York - Dow: UP 0.5 percent at 26,659.11 (close) Euro/dollar: DOWN at $1.1672 from $1.1674 at 2100 GMT Dollar/yen: DOWN at 104.42 yen from 104.61 yen Pound/dollar: UP at $1.2958 from $1.2930 Euro/pound: DOWN at 90.08 pence from 90.29 pence West Texas Intermediate: DOWN 0.5 percent at $36.00 per barrel Brent North Sea crude: DOWN 0.4 percent at $37.52 dan-rfj/bcp/rl
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