European Shares Seen Opening Up In Cautious Trade
(RTTNews) - European stocks look set to open higher on Monday after last week's volatile trading. Traders will keep an eye on political developments in Italy after Deputy Prime Minister Matteo Salvini's League party presented a motion of no confidence in Premier Giuseppe Conte in the Senate on Friday.
Asian markets are trading mixed as China guided the yuan lower for an eighth straight day in a sign that the U.S.-China trade war might be worsening. Investors awaited a slew of Chinese data due out on Wednesday for further direction. Markets in Japan, Singapore and India are closed for public holidays.
The dollar index is trading flat and the British pound held near a two-year trough reached last week while oil prices fell on worries about the U.S.-China trade war.
This week's U.S. economic calendar starts off relatively quiet but ramps up with the release of closely watched reports on consumer prices, retail sales, industrial production and housing starts.
U.S. stocks fell on Friday after President Donald Trump told reporters the U.S. is "not going to do business" with Chinese tech giant Huawei and that he is "not ready" to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.
The Dow Jones Industrial Average eased 0.3 percent, the tech-heavy Nasdaq Composite shed 1 percent and the S&P 500 dropped 0.7 percent.
European markets closed Friday's session lower as investors watched developments on the trade front and braced for a possible collapse of the Italian government.
The pan European Stoxx 600 declined 0.8 percent. The German DAX tumbled 1.3 percent, France's CAC 40 index lost 1.1 percent and the U.K.'s FTSE 100 gave up 0.4 percent.
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