European Shares Set To Open On Buoyant Note
2024-11-17
3221
(fxcue news) - European stocks look set to open notably higher on Monday after U.S. President-elect Donald Trump picked hedge fund billionaire Scott Bessent as his Treasury Secretary, raising optimism he would recommend "tariffs be layered in gradually".
He has advocated, in a Bloomberg interview, for the U.S. to grow its way out of large debts and, in the Wall Street Journal for tax reform and deregulation, particularly to spur bank lending and energy production.
Most Asian stocks rose, the dollar eased, and bond yields also fell as Scott Bessent's nomination hinted at moderate economic policies.
Gold prices were down nearly 2 percent in Asian trading and oil prices fell around 1 percent as reports of ceasefire talks between Israel and Hezbollah pointed to a potential de-escalation in the Middle East.
In economic releases, this week's U.S. economic calendar includes readings on consumer price inflation preferred by the Federal Reserve and the minutes of the latest Fed meeting along with reports on durable goods orders, new home sales and weekly jobless claims.
U.S. stocks rose on Friday and posted strong gains for the week, partly offsetting the sharp pullback seen in the previous week.
The Dow jumped 1 percent to reach a new record closing high and the S&P 500 rose 0.4 percent to extend gains for the fifth day running while the tech-heavy Nasdaq Composite edged up by 0.2 percent.
European stocks closed on a firm note Friday amid expectations that the European Central Bank will cut interest rates steadily in 2025.
The pan European Stoxx 600 rallied 1.2 percent. The German DAX climbed 0.9 percent, France's CAC 40 added 0.6 percent and the U.K.'s FTSE 100 surged 1.4 percent.
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