(fxcue news) - Indian shares look set to open on a positive note Monday amid optimism over potential U.S. rate cuts and a continued decline in oil prices on prospect of higher OPEC+ supply. Overall gains, however, may be remain capped due to mixed global cues and disappointing GDP data released on Friday. India's GDP growth for the April-June quarter of fiscal 2024-25 hit a 15-month low of 6.7 percent compared to 8.2 per cent in the year-ago period due to soft government spending and low consumer spending, according to data released by the National Statistical Office (NSO). India's foreign exchange reserves reached a record high of USD 681.688 billion for the week ended Aug 23 while GST collections rose by 10 percent in August from the same period last year, separate set of data revealed. Monthly auto sale figures and reports on manufacturing and services PMI may influence trading sentiment as the week progresses. Asian markets were subdued this morning after official data showed China's factory activity contracted for a fourth straight month in August. Gold dipped below $2,500 per ounce and the dollar hit a two-week high against the euro ahead of a crucial U.S. jobs report due later in the week. Oil prices fell about 1 percent to extend Friday's losses amid China demand concerns and signs OPEC+ will progress with a plan to lift output from October. Brent crude futures for November slipped toward $76 a barrel after losing more than 2 percent on Friday. U.S. stocks rallied on Friday as recession fears eased and the Personal Consumption Expenditures index showed prices increased in line with expectations in July -adding to bets the Fed is on track for a policy pivot in September. Data showed the Federal Reserve's preferred inflation gauge ticked up on a monthly basis from 0.1 percent in June to 0.2 percent in July. On an annual basis, the index held steady at 2.5 percent. The Dow rose 0.6 percent to reach a new record closing high while the S&P 500 added 1 percent and the tech-heavy Nasdaq Composite surged 1.1 percent. European stocks ended little changed on Friday even as the latest Eurozone and U.S. inflation data reinforced expectations of multiple rate cuts. The pan European STOXX 600 ended flat with a positive bias. The German DAX, France's CAC 40 and the U.K.'s FTSE 100 all ended marginally lower.