European Stocks Seen Opening Strong

RTTNews | 1082 days ago

(RTTNews) - European stock markets are expected to open on a positive note on Monday amidst an improved risk-on sentiment globally. Markets are expected to price in the anticipated decline in consumer price inflation in the U.S. in August to 8.1 percent, from 8.5 percent in the month of July, rejuvenating hopes of a pause in aggressive central bank monetary policy action. The CPI readings are due on Tuesday.

On Friday, European markets had finished with strong gains led by the pan-European Stoxx 600 which had rallied 1.52 percent. Germany's DAX had added 1.43 percent whereas France's CAC 40 had gained 1.41 percent. U.K.'s FTSE 100 had strengthened 1.23 percent while Switzerland's SMI had improved 1.02 percent.

The Wall Street had also closed with gains on Friday. Nasdaq-100 added 2.17 percent to close at 12,588.29 and the Dow Jones Industrial Average strengthened 1.19 percent to end at 32,151.71.

The FTSE 100 Futures (Dec) is trading 0.21 percent higher. The DAX Futures (Sep) is trading 0.40 percent higher. The CAC 40 Futures (Oct) had closed flat on Friday. U.S. Dollar Index, which measures the strength of the Dollar against a basket of six currencies retreated and is currently at 108.79. The EUR/USD pair has strengthened 0.44 percent to 1.0083, while the GBP/USD pair has gained 0.21 percent to 1.1611.

Gold Futures for December settlement declined 0.30 percent to trade at $1,723.65 per troy ounce, versus $1,728.60 on Friday.

WTI Crude Futures for October settlement is trading at $85.35, a decline of almost 1.7 percent whereas Brent Crude Futures for November settlement is trading at $91.48, down 1.5 percent from the previous close.

American stock futures point to positive trends, with the US 30 (DJIA) index up 0.09 percent and US500 (S&P 500) up 0.05 percent.

Asian markets are trading mostly higher in the backdrop of gains in Wall Street on Friday. Japan's Nikkei 225 and Australia's S&P ASX 200 are trading more than 1 percent higher. India's Nifty 50 has gained 0.72 percent. New Zealand's NZX 50 has edged up 0.20 percent. Stock markets in China, Hong Kong and South Korea are closed for a holiday.

July's GDP numbers are expected from U.K before market opening.

Earnings update is due Monday from specialty retailer Currys plc.

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EURUSD	1.16987	GBPUSD	1.35132	AUDUSD	0.6546
USDJPY	146.971	USDCAD	1.37283	USDCHF	0.8001