On Thursday, EU bourses were 1% higher as some short-covering brought stocks higher, although the underlying situation has not changed. Thus, today's rally is most likely to correct this week's huge losses - markets can't drop each day.
Later in the day, the ECB meeting is due. Policymakers are likely to wait until December to unveil any further easing measures, at which point the governing council will have greater clarity on the impact of recent lockdowns.
Delaying stimulus for another two months might be bad news for stock markets. Thus, the bearish trend could continue over the next days. The same applies to the US's fiscal stimulus - no deal there led to some disappointment, and investors sold equities recently.
Additionally, the third quarter's US GDP will be released, and the market expects a huge rise of 31%, up from -31.4% in the second quarter. However, the global economy is already slowing down, meaning the Q4 number might be more important.
Lastly, US jobless claims are due, with the labor market improving, although not that fast as many had hoped.
In the FX, the USD seems to be gaining momentum as risk-off flows strengthen the safe-haven greenback. That is also bearish for metals - both silver and gold plunged yesterday.