European Shares Seen Opening With Small Gains

(RTTNews) - European stocks are seen opening slightly higher on Monday despite mounting risks of a global recession.

Asian markets traded mostly lower on concerns that a wave of COVID-19 infections sweeping through China will delay any economic recovery in the country.

Amid signs of a rapid deterioration in economic conditions, China's ruling Communist Party has called for policies to boost the real estate market and reinstill confidence among entrepreneurs.

U.S. stock futures currently point to a steady start to the North after three consecutive sessions of losses.

The U.S. Commerce Department is due to release its report on personal income and spending this week, which includes a reading on inflation said to be preferred by the Fed.

The final U.S. GDP data for the quarter ended September 2022 is scheduled to be released on Thursday.

The dollar pulled back while gold extended losses after having suffered its biggest weekly decline since mid-November.

Oil prices rose more than 1 percent in Asian trade after having fallen more than $2 a barrel in the previous session.

U.S. stocks fell for a third straight session on Friday and suffered a second straight week of losses on concerns that the Fed's hawkish stance on rate hikes could tip the U.S. economy into a recession.

The Dow slipped 0.9 percent, the tech-heavy Nasdaq Composite lost 1 percent and the S&P 500 gave up 1.1 percent.

European stocks ended lower on Friday to extend a selloff from the previous session amid lingering fears of a global economic recession.

The pan European STOXX 600 dropped 1.2 percent. The German DAX dropped 0.7 percent, France's CAC 40 index shed 1.1 percent and the U.K.'s FTSE 100 declined 1.3 percent.