European Shares Seen Broadly Higher At Open

(RTTNews) - European stocks are seen opening broadly higher on Monday after Wall Street wrapped up last week with a powerful rally on trade deal and Fed rate cut hopes.

U.S. stock futures traded higher this morning as Senate Republicans seek to push President Donald Trump's sweeping tax-cut and spending bill forward in a marathon weekend session.

The bill will add $3.3 trillion to the nation's debt, about $800 billion more than the version passed last month by the House of Representatives, a nonpartisan forecaster said on Sunday.

Meanwhile, with digital services tax rescinded, Canadian Prime Minister Mark Carney and U.S. President Trump will resume trade negotiations in order to agree on a deal by July 21, Canada's finance ministry said in a statement.

Asian markets were mixed as Trump said he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9.

Japanese factory output rose at a slower-than-expected pace in May, while elsewhere in South Korea, industrial production declined sharply in the month, regional data showed.

China's factory activity shrank for a third month in June amid weak demand while non-manufacturing activity increased in the month, separate set of data revealed.

Oil prices were down slightly inn Asian trade ahead of an OPEC+ meeting that will make its August oil production decision.

Gold edged up slightly and the dollar wallowed near its lowest in nearly four years against the euro as investor await more U.S. economic data for additional clues to the trajectory of interest rates.

The monthly jobs report is likely to be in focus this week, along with other reports on manufacturing, service sector activity and the U.S. trade deficit.

Closer home, retail sales and consumer price inflation data from Germany will be in the spotlight later today.

U.S. stocks advanced on Friday after a White House official said the U.S. had signed a finalized trade framework with China under the Geneva deal.

Cooling tensions in the Middle East and favorable inflation and consumer sentiment reports also fueled hopes for more Fed rate cuts.

The S&P 500 and the tech-heavy Nasdaq Composite both rose about half a percent to close at new record closing highs, led by continued gains in AI-related stocks. The narrower Dow gained 1 percent.

European stocks rose sharply on Friday amid hopes that the U.S. may opt to impose softer tariffs than previously signaled.

The pan European STOXX 600 climbed 1.1 percent. The German DAX surged 1.6 percent, France's CAC 40 jumped 1.8 percent and the U.K.'s FTSE 100 added 0.7 percent.