European Shares Set To Follow Asian Peers Higher

European stocks look set to open a tad higher on Tuesday amid renewed optimism over the economic recovery and vaccine rollouts.

Covid-19 vaccines developed by Pfizer Inc with BioNTech SE and Moderna Inc were highly effective at 90 percent after two doses in a study of real-life conditions, the U.S. Centers for Disease Control and Prevention reported Monday.

Asian markets remain broadly higher despite surging bond yields. Benchmark 10-year Treasury yields rose as high as 1.7450 percent in Asian trade, approaching the 14-month high of 1.7540 percent touched earlier this month.

Japanese government bond yields rose as an auction for two-year notes witnessed weak demand.

Gold extended slide to hover near two-week low as the dollar hit a one-year high against the yen amid the spike in Treasury yields.

Oil prices slipped as shipping traffic resumed through the Suez Canal and focus shifted to an OPEC+ meeting this week where the extension of supply curbs may be on the table.

Economic confidence survey data from euro area and flash consumer price figures from Germany are due later in the session, headlining a busy day for the European economic news.

U.S. stocks closed mixed overnight as banks came under selling pressure amid concerns about a large hedge fund defaulting on a margin call.

The tech-heavy Nasdaq Composite shed 0.6 percent and the S&P 500 finished marginally lower, while the Dow edged up 0.3 percent.

European stocks closed mostly higher on Monday despite lingering concerns about rising coronavirus cases and lockdown measures.

The pan European Stoxx 600 edged up 0.2 percent. The German DAX and France’s CAC 40 index both rose about half a percent while the U.K.’s FTSE 100 slipped 0.1 percent.