A look at the day ahead in European and global markets from Friday

The prospects for both big fiscal spending and continued monetary easing in the world's biggest economy make for a powerful cocktail, emboldening global stocks to end on a high note after a wild week.

Wall Street goes into Friday at record peaks, helping to pull MSCI's gauge of global equities to an all-time high with a 3.3% weekly advance.

Even a market you might expect to be languishing under the weight of Donald Trump's proposed tariffs - China - is doing nothing of the sort. Chinese blue chips are up close to 6% this week, with more than half of that coming on Thursday, perhaps on expectations of a Beijing stimulus bazooka to counter the impact of any trade war.

But markets have repeatedly been let down in recent weeks after bubbling up in anticipation of bold Chinese stimulus measures.

The Standing Committee of China's National People's Congress wraps up its week-long session in the Beijing evening with a news conference that could pump up - or pop - expectations.

Stock futures are pointing about 0.2% higher for Britain's FTSE and Germany's DAX right now, but Europe faces challenges, not least from the threat of blanket tariffs under Trump.

The FTSE has sagged this week, particularly on Thursday after the Bank of England signalled the risk of higher inflation, slowing the likely pace of interest rate cuts.

Germany looks closer to a snap election, after Chancellor Olaf Scholz's approach to the leader of the opposition conservatives, Friedrich Merz, was not only rebuffed, but had Merz calling for an immediate vote of no confidence.

Scholz's awkward three-way coalition fell apart on Wednesday after he sacked finance minister Christian Lindner of the fiscally conservative Free Democrats at the culmination of long-running budget disputes.

Any signs of resolution would be welcomed by investors, who sent one measure of debt risk to a record level on Thursday.

Key developments that could influence markets on Friday:

- China NPC Standing Committee readout

- Italy, Sweden industrial production (both Sep)

- Greece CPI (Oct)

(By Kevin Buckland; Editing by Edmund Klamann)