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European Shares Set To Follow Asian Peers Higher


European stocks are seen opening higher on Monday as the dollar stood tall supported by expectations of monetary tightening in the United States and oil held steady near nine-week highs after the release of rig-count data.

Asian stocks are mostly higher and the yen weakened after U.S. jobs data surpassed economists' expectations, but spurred expectations that it could lead to a third rate rise this year in December by the Federal Reserve.

The dollar's rise was also helped by comments from National Economic Council director Gary Cohn stressing the importance of tax reform to bring corporate profits back to the United States.

Gold hovered near two-week lows despite heightened tensions between Beijing and Washington following fresh economic sanctions on the rogue state.

In economic releases, traders eye remarks by several Federal Reserve officials as well as data on U.S. consumer inflation this week to know whether there would be a rate hike from the Fed in December.

Industrial output data from Germany, U.K. Halifax house price figures and Eurozone Sentix investor confidence data are slated for release later in the day.

U.S. stocks rose on Friday after the government reported more gains in hiring last month. The Dow rose 0.3 percent to close at a record for the eighth consecutive session, while the S&P 500 and Nasdaq Composite inched up around 0.2 percent each.

European markets also moved to the upside on Friday as the euro and pound slid and banking stocks gained ground in reaction to the overwhelmingly positive U.S. jobs report.

The pan-European Stoxx Europe 600 index jumped 1 percent to 382.53, marking its biggest single-day gain since July 14.

The German DAX rallied 1.2 percent, France's CAC 40 index climbed 1.4 percent and the U.K.'s FTSE 100 added half a percent.

by RTTNews Staff Writer

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