European Stocks Likely To Move Sideways As Traders Look For Direction
(RTTNews) - After renewed optimism about an interim trade deal between the U.S. and China pushed up stock prices on Friday, the undertone in European markets is likely to remain a bit positive on Monday.
However, with no major economic data or earnings reports due for the day, markets are likely to stay somewhat subdued for much of the session.
Concerns about the impact of the ongoing protests in Hong Kong on global economy may weigh on sentiment.
Asian markets are mostly higher today, albeit with modest gains, as investors await further progress on a potential U.S.-China trade deal.
According to a report in Chinese media, U.S. and China had "constructive discussions" regarding a phase-one trade deal in a high-level phone call.
Credit Suisse shares will be in focus. The lender is among the co-ordinators of Saudi energy major Aramco's IPO.
On the economic front, the Czech producer prices data for the month of October is due at 3.00 AM ET.
U.S. stocks closed on a firm note on Friday on trade deal hopes. The major averages all ended at record highs.
The Dow and the S&P 500 both jumped 0.8% and the Nasdaq climbed 0.7%.
The major European markets ended higher on Friday amid fresh optimism about a potential U.S.-China trade deal after positive comments from a couple of White House officials.
An unexpected stimulus announced by the Chinese central bank to help lenders in China through the tax season contributed as well to the positive sentiment.
The pan European Stoxx 600 ended up 0.4%. Among the major indices in Europe, the U.K.'s FTSE 100 edged up 0.14%, Germany's DAX gained 0.47% and France's CAC 40 ended higher by 0.65%, while Switzerland's SMI gained 0.75%.
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