European Shares To Open On Steady Note Ahead Of Central Bank Meetings

(RTTNews) - European stocks are seen opening broadly higher on Monday as focus shifts to central bank meetings and inflation reports due this week.

Traders will pay close attention to the Federal Reserve's monetary policy meeting scheduled from 13th June to 14th, with the U.S. central bank expected to pause its recent interest rate increases.

The Fed's accompanying statement as well as key inflation data will be key as investors look for clues about the outlook for rates.

Meanwhile, more Chinese banks cut deposit rates, signaling monetary easing ahead. There is a chance of China cutting its medium-term lending facility on Thursday.

Analysts expect the European Central Bank to hike rates by 25 bps on Thursday while the Bank of Japan is likely to maintain its current loose policy settings on Friday. Asian markets traded mixed while U.S. stock futures edged up ahead of U.S. CPI data due Tuesday and the FOMC meeting due Wednesday.

U.S. reports on retail sales, industrial production and consumer sentiment due later in the week also remain on investors' radar.

Gold was marginally lower as the dollar steadied after losing some ground last week. U.S. Treasury yields were little changed after rising on Friday following disappointing employment data from Canada.

Oil prices were down more than 1 percent in Asian trading on fuel demand concerns.

U.S. stocks fluctuated before ending slightly higher on Friday as investors looked ahead to key inflation data and the Fed's latest policy announcement.

Weekly jobless claims surged to the highest level in more than 1-1/2 years, bolstering bets for the Federal Reserve to hold pat on interest rates.

The Dow and the S&P 500 both inched up around 0.1 percent while the tech-heavy Nasdaq Composite edged up 0.2 percent.

European stocks ended slightly lower on Friday as investors awaited cues from the Fed and ECB meetings.

The pan-European STOXX 600 eased 0.2 percent. The German DAX dropped 0.3 percent, France's CAC 40 slid 0.1 percent and the U.K.'s FTSE 100 shed half a percent.