(News with CAC futures, closing in China, bond market in
Europe, background)
    * Mnuchin's unexpected decision on a Fed lending program
    * European indices expected without much change
    * US futures in the red after a positive close

by Blandine Henault
    PARIS, Nov 20 (Reuters) - Europe's main stock exchanges are expected to
open on a stable note on Friday, with caution prevailing against the
resurgence of coronavirus cases worldwide and doubts about support
financial to the economy in the United States. 
    Futures contracts signal a decline of 0.2% for the Parisian CAC 40
, by 0.1% for the Dax in Frankfurt and a symbolic rise of
0.04% for the FTSE in London.
    European stock markets ended in the red on Friday, worries
linked to the health crisis, fuelled by poor statistics
Americans, having taken precedence over vaccine hopes that had benefited
previous sessions.
    However, on Wall Street, investors welcomed at the end of the session
the announcement by Chuck Schumer, chairman of the Democratic group in the Senate, that his
Republican counterpart Mitch McConnell had agreed to resume talks
on a new budgetary support plan for the economy.
    This announcement gave hope for the upcoming adoption of a
recovery eagerly awaited by the markets but it was quickly overshadowed by the
Treasury Secretary Steven Mnuchin's decision to end a program
significant pandemic-related loans as of December 31. 
    In a letter to Federal Reserve Chairman Jerome Powell,
Steven Mnuchin has called for the $455 billion fund allocated to the
Treasury under the CARES Act in the spring, much of which was
set aside to support Fed lending to businesses,
non-profit organizations and local governments, either available
to be reassigned by Congress.
    "The division between the Treasury and the Fed risks undermining unwavering faith.
that investors have placed in continued political support to help
the economy to overcome the pandemic," the
DBS analysts.
    Difficulties in implementing financial support for the economy
in the United States are reminiscent of those within the European Union,
which is struggling to adopt the multiannual budget for 2021-2027 and the recovery plan
of €750 billion associated due to the veto applied by Poland and the
Hungary.

VALUES TO FOLLOW:
    
ON WALL STREET 
    U.S. index futures are trading lower after the
Steven Mnuchin's unexpected decision to question the progress of the
watch related to hopes of a resumption of discussions on a new
revival of the economy. 
    The Dow Jones index gained 0.15% to 29,483.23 on Thursday. The S&P 500
rose 0.39% to 3,581.87 points and the Nasdaq Composite meanwhile
rose 0.87% to 11,904.71 points.
    
IN ASIA 
    The Tokyo Stock Exchange ended down 0.42%, its third
consecutive day in the red, the resurgence of new infections in the
coronavirus in Japan feeding fears of the introduction of
restriction. 
    In China, stock exchanges were better oriented, supported by
optimism about the country's economic recovery despite recent fears about
a jump in corporate defaults.
    The large-cap CSI 300 advanced 0.31%.
    
EXCHANGE/RATES 
    Mnuchin's decision on the scheduled end of a
Fed pushed bond yields down.
    Ten-year Treasuries rate down nearly three points
base, at 0.8292%, the lowest since November 9.
    In Europe, the yield on the ten-year German Bund was falling
slightly in early trade, at -0.581%.
    On the currency side, the dollar is stable against a basket of
reference including the euro, which is trading at 1.187.
    
PETROLEUM 
    Crude oil prices are changing little and are about to sign a third
consecutive week of increase.
    The barrel of Brent advances by 0.1% to 44.24 dollars and that of crude
U.S. light gave up 0.07% to $41.71.  

NO MAJOR ECONOMIC INDICATORS ON THE AGENDA FOR 20 NOVEMBER 
    
THE SITUATION ON THE MARKETS:
    (Some data may lag slightly)
    
SCHOLARSHIPS                                                     
 ASIAN                                           
 Indices Last Var.      Var. % YTD               
                        points                        
 Nikkei-225 25527.37 -106.97 -0.42% +7.91%            
                                                      
Topix 1727.39 +0.98 +0.06% +0.35%            
                                                      
Hong Kong 26421.30 +64.33 +0.24% -6.27%            
                                                      
Taiwan 13716.44 -5.99 -0.04% +14.33%           
                                                      
Seoul 2553.50 +6.08 +0.24% +16.19%           
                                                      
Singapore 2805.86 +28.86 +1.04% -12.94%           
                                                      
Shanghai 3377.73 +14.64 +0.44% +10.74%           
                                                      
Sydney 6539.20 -8.00 -0.12% -2.17%            
                                                      
The closing in Tokyo:                                         
                                                      
WALL                                                        
 STREET                                               
  The fence                                                  
 Previous:                                         
 Indices Last Var.      Var. % YTD               
                        points                        
 Dow Jones 29483.23 +44.81 +0.15% +3.31%            
                                                      
S&P 500 3581.87 +14.08 +0.39% +10.87%           
                                                      
Nasdaq 11904.71 +103.11 +0.87% +32.68%           
                                                      
Nasdaq 100 11985.43 +90.72 +0.76% +37.24%           
                                                      
Details of the session in Wall                                  
 Street:                                             
 "The Day Ahead" - Update on the                            
 next session on Wall Street                       
                                                              
MARCHES                                                     
 EUROPEAN                                            
 Futures on the CAC 40 and on                    
 EuroStoxx50                                        
                                                              
Values to follow in Paris                                
 and in Europe:                                       
  The previous session                                        
 :                                                    
 Indices Closing Var.      Var. % YTD               
                        points                        
 Eurofirst 1497.07 -10.84 -0.72% -7.81%            
 300                                                  
                                                      
Eurostoxx 3451.97 -30.20 -0.87% -7.83%            
 50                                                   
                                                      
CAC 40 5474.66 -36.79 -0.67% -8.42%            
                                                      
Dax 30 13086.16 -115.73 -0.88% -1.23%            
                                                      
FTSE 6334.35 -50.89 -0.80% -16.02%           
                                                      
SMI 10490.77 -73.12 -0.69% -1.19%            
                                                              
FOREIGN EXCHANGE                                                     
              Course Watch Var. % YTD               
 Euro/Dlr 1.1866 1.1873 -0.06% +5.85%            
                                                      
Dlr/Yen 103.87 103.72 +0.14% -4.58%            
                                                      
Euro/Yen 123.26 123.18 +0.06% +1.07%            
                                                      
Dlr/CHF 0.9105 0.9109 -0.04% -5.92%            
                                                      
Euro/CHF 1.0808 1.0810 -0.02% -0.41%            
                                                      
Stg/Dlr 1.3270 1.3261 +0.07% +0.08%            
                                                      
Index $ 92,3050 92,2940 +0.01% -4.02%            
                                                      
RATE                                                        
                        Last Var.      Spread/Bund
                                                (pts)
                                                              
Bund 10 years -0.5780 -0.0070                     
                                                      
Bund 2 years -0.7440 -0.0080                     
                                                      
OAT 10 years -0.3433 -0.0070 +23.47            
                                                      
Treasury 10 years 0.8308 -0.0240                     
                                                      
Treasury 2 years 0.1654 -0.0040                     
                                                                                                                   
OIL                                                     
 (In progress Previous Var Var.% YTD
 dollars) t                             
 Light crude 41.71 41.74 -0.03 -0.07% -31.86%
 US                                                   
 Brent 44.23 44.20 +0.03 +0.07% -33.02%