European Shares Seen Flat To Higher At Open

(RTTNews) - European stocks are seen opening flat to slightly higher on Tuesday, with U.S. earnings and upcoming presidential election likely to be in focus.

Banks may rise after HSBC Holdings reported better-than-estimated earnings and announced a fresh multibillion-dollar stock buyback.

Pfizer, McDonalds, Alphabet, Reddit, Meta, Microsoft, and Apple are some of the prominent U.S. companies that will unveil their earnings results this week.

Meanwhile, with just days to go until the election, markets are also bracing for the potential prospect of Donald Trump returning to the White House. Most major polls currently show him locked in a tight race with Vice President Kamala Harris.

In economic releases, trading later in the day may be impacted by reaction to the latest U.S. economic data, including reports on consumer confidence and job openings.

Reports on third quarter GDP, consumer confidence, pending home sales and manufacturing sector activity may garner investor attention as the week progresses.

The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.

Closer home, Eurozone preliminary flash GDP, consumer confidence and economic sentiment data are due on Wednesday.

The CBI's monthly retail sales survey showed U.K. retail sales volumes slipped back slightly in October due to consumer caution ahead of this week's budget announcement by finance minister Rachel Reeves.

Asian stocks traded mixed, with Chinese markets declining in the wake of reports that the Biden administration has finalized restrictions on investments by U.S. individuals and companies into advanced technology in China.

The dollar index gained ground, while 10-year Treasury yields fell after rising in the previous session amid weak demand for a pair of note auctions.

The Japanese yen strengthened as prime minister Shigeru Ishiba vowed to continue ruling the country despite a bruising loss suffered by his party at the general election.

Gold traded half a percent higher above $2,750 per ounce while oil was little changed, after having tumbled 6 percent on Monday, marking its biggest decline in more than two years.

U.S. stocks advanced overnight after ending mixed over the two previous sessions. Investors kept a close eye on political news and looked forward to key economic data and earnings from several of the biggest tech-related companies.

The Dow gained 0.7 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both edged up by 0.3 percent.

European stocks closed higher on Monday amid improved risk sentiment as Middle East tensions eased.

The pan European STOXX 600 gained 0.4 percent. The German DAX rose 0.4 percent, France's CAC 40 climbed 0.8 percent and the U.K.'s FTSE 100 added half a percent.