Asian shares and U.S. stock futures wobbled in choppy trade on Friday as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.
Cleveland Federal Reserve Bank President Loretta Mester said it could take a year or two for the U.S. economy to return to pre-pandemic levels, with the gross domestic product declining by 6% in 2020 and the unemployment rate still around 9% by year’s end.
U.S. crude CLc1 ticked up 0.57% to $39.06 a barrel, while Brent crude LCOc1 rose 0.43% to $41.69 per barrel. Sterling could stage a mild recovery if retail sales data due later on Friday point to a rebound in consumer spending.
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