European Shares Set To Open Higher On Trade Talk Hopes
European stocks may open a tad higher on Monday amid easing concerns about a slowdown in global growth and on hopes for a U.S.-China trade deal.
Asian markets began the week on a positive note as strong Chinese exports as well as bank loan data helped ease investor worries over slowing global growth.
The prospect of a U.S.-China trade deal also bolstered sentiment. U.S. Treasury Secretary Steven Mnuchin said on Saturday that he believed Washington and Beijing are getting close to the final round of concluding issues.
Mnuchin told the media on the sidelines of the spring meetings of the International Monetary Fund and World Bank that a U.S.-China trade agreement would go “way beyond” previous efforts to open China’s markets to U.S. companies.
The dollar eased on improved risk appetite while oil edged lower after hitting a fresh five-month high in the previous session.
The U.S. corporate earnings seasons remains in focus, with Citigroup, Goldman Sachs, Bank of America, Johnson & Johnson, IBM, Morgan Stanley, PepsiCo and American Express among the slew of companies due to report their quarterly results this week.
On the data front, U.S. reports on industrial production, homebuilder confidence, retail sales, and housing starts along with the Federal Reserve’s Beige Book may attract investor attention as the week progresses
U.S. stocks rose on Friday as investors cheered upbeat earnings news from JPMorgan Chase as well as the launch of Walt Disney’s new family-friendly streaming service called Disney+.
The Dow rallied 1 percent, while the S&P 500 gained 0.7 percent and the tech-heavy Nasdaq Composite added half a percent to reach their best closing levels in over six months.
European markets ended slightly higher on Friday on relief over Brexit and optimism over U.S.-China trade deal.
The pan European Stoxx 600 inched up 0.2 percent. The German DAX rose half a percent, while France’s CAC 40 index and the U.K.’s FTSE 100 both gained around 0.3 percent.
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