European Shares Poised For Mixed Open

(RTTNews) - European stocks are seen opening on a mixed note Monday after Israel said 99 percent of the missiles and drones launched by Iran in an overnight assault were downed by its air defenses.

Focus turned to preventing escalation after a wave of more than 300 missiles and drones was largely intercepted with little damage.

Metal stocks could be in focus today as aluminum and nickel futures jumped to multi-month highs following fresh sanctions by the U.S. and U.K. targeting Russian metals.

U.S. stock futures ticked higher after the S&P 500 suffered its worst session since January on Friday amid a flight to safety.

Asian stocks cut early losses, with China's Shanghai Composite index rising more than 1 percent as China's State Council pledged to tighten supervision of new listings, crack down on illegal share sales and strengthen the supervision of dividend payouts aimed at shielding the market from a broader selloff.

Meanwhile, the People's Bank of China kept its medium-term lending facility rate steady today, underscoring the central bank's intention to maintain currency stability.

In economic releases, the outcome of IMF and World Bank spring meetings in Washington as well as Eurozone and U.K. inflation readings for March may influence trading sentiment this week.

China is due to release first-quarter gross domestic product data and activity indicators, including retail sales and industrial production, on Tuesday.

The dollar held near a 5-1/2-month high in Asian trading and gold traded higher above $2,350 per ounce while oil prices fell slightly on speculation that the Middle East conflict would remain contained.

U.S. stocks tumbled on Friday as inflation concerns continued to weigh, geopolitical tensions escalated and earnings and guidance from big banks disappointed.

U.S. consumer sentiment ebbed in April while inflation expectations for the next 12 months and beyond increased, a survey showed.

The Dow dropped 1.2 percent, the S&P 500 lost 1.5 percent and the tech-heavy Nasdaq Composite shed 1.6 percent.

European stocks ended mixed on Friday, giving up some early gains after the European Central Bank signaled a likely June interest rate cut.

The pan European STOXX 600 edged up 0.1 percent. The U.K.'s FTSE 100 rose 0.9 percent while the German DAX and France's CAC 40 slipped 0.1 percent and 0.2 percent, respectively.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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