European stocks are set to open a tad higher on Tuesday even as concerns persist over trade relations between the U.S. and other major economies.
Asian markets extended their slide ahead of the July 6 deadline when the United States is due to impose the tariffs on Chinese exports.
The yuan extended losses to hover near an 11-month low on growth and trade war concerns amid the buzz the U.S. may withdraw from the World Trade Organization.
The euro held up against the dollar after German Chancellor Angela Merkel and her coalition partners reached a compromise deal to end a dispute over managing immigration.
Oil prices climbed in Asian trading after Libya declared force majeure on significant amounts of its supply.
On the data front, a report on Eurozone retails is due later in the session. Across the Atlantic, the Commerce Department’s report on factory orders in the month of May could attract some attention ahead of the July 4th holiday.
Overnight, U.S. stocks climbed well off their session lows to end higher as technology shares rebounded and data showed American factory activity accelerated for the second straight month this summer.
The Dow inched up 0.2 percent, the S&P 500 gained 0.3 percent and the tech-heavy Nasdaq Composite added 0.8 percent.
European markets fell on Monday, with concerns over global trade and political instability in Germany weighing on markets.
The pan-European Stoxx Europe 600 index gave up 0.8 percent. The German DAX dropped 0.6 percent, France’s CAC 40 index shed 0.9 percent and the U.K.’s FTSE 100 tumbled 1.2 percent.
by RTTNews Staff Writer
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