European stocks are likely to open higher on Tuesday after Wall Street stocks staged a late revival overnight following a slight retreat in U.S. Treasury yields and Twitter’s acceptance of Elon Musk’s roughly $44 billion takeover bid.

Asian markets were broadly higher even as Australian and New Zealand stocks declined as trading resumed after a long holiday weekend.

Gold regained some ground as U.S. bond yields and the dollar edged lower. Oil prices were up in Asian trade after having fallen more than 3 percent on Monday to hit a two-week closing low on demand concerns.

Beijing has rolled out mass Covid testing for nearly 20 million residents in most of the city, raising fears about a potential wider lockdown that could crimp growth and earnings.

Geopolitical tensions remain on investors’ radar, with Russian Foreign Minister Sergei Lavrov saying that Ukraine risks provoking World War III and the threat of a nuclear conflict “should not be underestimated.”

On Monday, Russia unleashed a string of attacks against Ukrainian rail and fuel facilities in an apparent attempt to thwart Ukrainian efforts to marshal supplies.

With little on the economic calendar in Europe, U.S. earnings and reports on durable goods orders, consumer confidence and new home sales may sway sentiment later in the day.

U.S. stocks recovered from an early slide to close higher overnight. The Dow rose 0.7 percent, the S&P 500 gained 0.6 percent and the tech-heavy Nasdaq Composite climbed 1.3 percent.

European stocks hit one-month lows on Monday amid worries that further Covid-19 lockdowns could exacerbate supply-chain disruptions.

The pan European Stoxx 600 tumbled 1.8 percent. The German DAX lost 1.5 percent, France’s CAC 40 index gave up 2 percent and the U.K.’s FTSE 100 declined 1.9 percent.




European Shares Set To Follow Wall Street Higher

2022-04-26 05:37:31

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