European stocks are likely to open a tad lower on Monday ahead of a busy week, with investors awaiting key data from the U.S. as well as Asia's three-biggest economies for clues on growth and rate outlook.
Also, Fed chair Janet Yellen is scheduled to testify on the economic outlook before the Congressional Joint Economic Committee on Wednesday, a day before the U.S. Senate Banking Committee holds a confirmation hearing for new Fed chief nominee Jerome Powell.
Data released earlier in the day showed that China's industrial profit growth remained strong in October despite easing slightly from a month earlier. Industrial profits surged 25.1 percent year-over-year in October, slower than the 27.7 percent spike in September.
Separately, the latest quarterly Service Sector Survey from the Confederation of British Industry revealed that demand in the U.K. services sector weakened in the three months to November.
Asian stock markets are trading mostly lower despite U.S. stocks closing at fresh record highs on Friday.
The euro hovered near a two-month high against the dollar after the release of strong German business confidence data while crude oil prices slipped after hitting a 2-1/2-year high Friday on supply worries.
The euro got a boost after German Chancellor Angela Merkel's conservative party agreed to pursue a 'grand coalition' with Social Democrats in a bid to break the deadlock in Europe's biggest economy.
U.S. stocks closed Friday's abbreviated session marginally higher amid optimism about the holiday shopping season. The tech-heavy Nasdaq Composite rose 0.3 percent and the S&P 500 added 0.2 percent to reach fresh record closing highs while the Dow inched up 0.1 percent.
European markets ended mixed on Friday and the euro surged after the release of stronger than expected German business confidence data. The pan-European Stoxx Europe 600 index eased 0.1 percent.
The German DAX rose 0.4 percent and France's CAC 40 index edged up 0.2 percent while the U.K.'s FTSE 100 slid 0.1 percent.
by RTT Staff Writer
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