(RTTNews) – European stocks are seen opening higher on Monday despite weak cues from Wall Street and Asia.
The COVID-19 situation in the United States continues to improve as vaccination programs gather pace.
However, caseloads have surged and vaccination levels remain low in much of Asia and many other countries.
Asian stocks remain broadly lower in thin trading, with markets in Tokyo and Shanghai closed for holidays.
Inflation risks are back in focus, with billionaire Warren Buffett warning of rising price pressures and a “buying frenzy” spurred by low-interest rates.
Gold inched higher in Asian trade as muted dollar and a retreat in U.S. Treasury yields boosted the metal’s safe-haven appeal.
Oil prices dipped slightly, a day after India posted a grim global record in daily COVID surge with 4 lakh infections.
Retail sales and final manufacturing Purchasing Managers’ survey results from Germany are due later in the session, headlining a light day for the European economic news.
U.S. stocks fell from record highs on Friday but posted monthly gains after a slew of strong earnings reports.
Stocks failed to gain traction despite another batch of upbeat U.S. economic data, with personal incomes for Americans surging by a record 21.1 percent in March and a gauge of consumer sentiment improving by more than initially estimated in April.
The Dow dipped half a percent, the tech-heavy Nasdaq Composite index shed 0.9 percent and the S&P 500 slid 0.7 percent.
European markets ended Friday’s session mostly lower after Eurozone and Chinese economic data came in softer than expected. The pan European Stoxx 600 eased 0.3 percent.
The German DAX slipped 0.1 percent and France’s CAC 40 index gave up half a percent while the U.K.’s FTSE 100 inched up 0.1 percent.