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European Shares Set For Steady Start Ahead Of US Inflation Data
(RTTNews) - European stocks may open flat to slightly higher on Tuesday as traders await a closely watched report on U.S. consumer price inflation, which could show moderation in the annual pace.
Additionally, the Federal Reserve's last policy meeting of the year gets underway later today, with the U.S. central bank expected to sound 'less-hawkish' amid a decline in October's inflation report and in-line PPI numbers.
The Fed, European Central Bank and the Bank of England are all expected to raise rates by 50 basis points later this week, but the forecasts and guidance on interest rates will be key amid the weakening growth outlook.
Asian markets were broadly higher in cautious trade and gold prices were largely unchanged, while the dollar index slipped on improved risk sentiment in financial markets.
Oil prices rose over 1 percent in Asian trade, after having climbed around 3 percent in the U.S. trading session overnight on news of supply disruptions.
U.S. stocks rose sharply overnight after a New York Fed consumer expectations' survey showed inflation expectations decreased at the short, medium, and longer terms in November.
The Dow climbed 1.6 percent, the tech-heavy Nasdaq Composite rallied 1.3 percent and the S&P 500 added 1.4 percent.
European stocks ended Monday's session lower as investors braced for the release of U.S. consumer inflation data and a slew of central bank decisions.
The pan European STOXX 600 declined half a percent. The German DAX fell half a percent, while France's CAC 40 index and the U.K.'s FTSE 100 both shed around 0.4 percent.
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