European Shares Seen Opening Up As Bank Fears Recede
(RTTNews) - European stocks may open higher on Tuesday as fears of contagion risk from the banking turmoil eased.
Developments in the banking sector are likely to remain in focus, with the U.S. Senate Banking Committee due to hold a hearing on the recent banking sector turmoil later in the day.
The U.S. economic calendar remains light, with a report on consumer confidence likely to be in focus.
Asian markets were broadly higher and the dollar extended declines on improved risk sentiment while gold edged up slightly, after having fallen more than 1 percent on Monday.
Oil prices were slightly lower after rallying sharply in the previous session amid Russia's threat to station nuclear weapons in Belarus and the shutdown of the Iraq-Turkey pipeline at the request of the Turkish government.
U.S. stocks ended mixed overnight after reports of further government support for regional banks and the sale of SVB assets to First Citizens.
The Dow rose 0.6 percent and the S&P 500 inched up 0.2 percent while the tech-heavy Nasdaq Composite shed half a percent, as Treasury yields climbed on optimism that stress in the banking sector will be contained.
European stocks closed Monday's session higher as jitters in the banking sector eased and data signaled improvement in German business climate.
The pan European STOXX 600 climbed 1 percent. The German DAX rallied 1.1 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both rose about 0.9 percent.
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