European Shares Poised For Firm Start
European stocks are seen opening broadly higher on Monday amid optimism that fiscal stimulus and the rollout of coronavirus vaccines will help boost growth.
Asian markets advanced in cautious trade as investors awaited cues from U.S. President Biden’s infrastructure spending plan expected to be unveiled on Wednesday and the payrolls report due on Friday, when the markets will be closed for Good Friday.
U.S. Treasury yields held close to one-year highs and the dollar began the week on a firm note while oil edged lower as salvage teams partially refloated the giant vessel that has been blocking the Suez Canal. Gold retreated on dollar strength and higher yields.
Mortgage approvals data from the U.K. is due later in the session, headlining a light day for the European economic news.
Across the Atlantic, reports on consumer confidence, private sector employment, and manufacturing activity may attract attention this week, although trading activity is likely to be somewhat subdued ahead of the Easter weekend.
U.S. stocks rallied on Friday as investors factored in improved growth, helped by more stimulus and vaccination efforts.
In economic news, reports on personal income, spending and consumer sentiment painted a mixed picture of the world’s largest economy.
The Dow climbed 1.4 percent and the S&P 500 added 1.7 percent to reach new record closing highs while the tech-heavy Nasdaq Composite gained 1.2 percent.
European markets advanced on Friday despite the European Commission’s warning that the European Union is at the start of a third wave of the coronavirus pandemic.
The pan European Stoxx 600 rose 0.9 percent. The German DAX gained 0.9 percent, France’s CAC 40 index inched up 0.6 percent and the U.K.’s FTSE 100 rallied 1 percent.
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