European Shares Seen Tad Lower At Open

(RTTNews) - European stocks may open a tad lower on Monday, with trading volumes likely to remain thin due to Memorial Day holiday in the U.S.

Asian markets traded mostly higher, though the upside remained capped due to escalating geopolitical tensions and lingering uncertainty over the timing of U.S. rate cuts.

Gold gained traction following reports that at least 35 Palestinians were killed and dozens more were injured as a result of Israeli air attacks on a camp in Rafah for displaced people on Sunday.

The dollar made a steady start to the week ahead of speeches from the Fed's Bowman, Mester and Kashkari due on Tuesday and the first reading of U.S. GDP for the first quarter due on Thursday.

Oil edged up slightly after suffering another weekly loss due to Fed's cautious stance on rate cuts.

Markets await an OPEC+ meeting on June 2 where producers are expected to discuss whether to extend voluntary output cuts of 2.2 million barrels per day into the second half of the year.

The day's European economic calendar remains light, with the German Ifo business survey results for May likely to garner some attention.

U.S. stocks advanced on Friday, rebounding from sharp losses seen in the previous session as new data signaled an improving consumer outlook on inflation.

New orders for key U.S.-manufactured capital goods rebounded more than expected in April while consumer sentiment deteriorated slightly less than previously estimated in May and consumer inflation expectations moderated from earlier reading, separate set of data revealed.

The tech-heavy Nasdaq Composite surged 1.1 percent to a new record closing high and mark a fifth straight week of gains.

The S&P 500 climbed 0.7 percent while the Dow ended flat with a positive bias. European stocks closed lower on Friday as rate worries resurfaced and tensions escalated between China and Taiwan.

The pan European STOXX 600 eased 0.2 percent. The German DAX finished marginally higher while France's CAC 40 slipped marginally and the U.K.'s FTSE 100 dipped 0.3 percent.