European Shares Seen Up After Wall Street Rally

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European stocks look set to open higher on Monday, tracking firm cues from Wall Street and Asia as crude oil prices held near two-week highs and the Federal Reserve's monetary policy report released on Friday suggested a gradual pace of interest rate hikes in 2018.

Investors now look ahead to a slew of U.S. data as well as Congressional testimony by new Federal Reserve Chairman Jerome Powell this week for further insight on inflation and interest rates.

Chinese official and Caixin purchasing managers' indexes on Wednesday and Thursday respectively may show an easing trend in February because of the timing of the week-long Lunar New Year holidays.

In a significant week for Brexit negotiations, the EU will on Wednesday reveal its draft legal text translating December's phase one Brexit agreement into one giving it operational effect.

On Friday, U.K. Prime Minister Theresa May will deliver a speech on the "way forward" for Britain's exit from the European Union.

The latest Services Sector survey from the Confederation of British Industry showed earlier today that U.K. services sector registered strong growth in business volumes in three months to February.

Both business and professional services and consumer services logged a rise in profits for the first time since November 2015.

Asian stocks are broadly higher and the dollar gave up early gains while oil held steady near a two-week high, helped by comments from Saudi Arabia that it would continue to curb exports to stabilize oil markets.

U.S. stocks posted strong gains on Friday, with sentiment boosted by a further pullback in treasury yields after a key monetary policy report helped ease concerns that higher wages would boost inflation.

The Dow climbed 1.4 percent, the tech-heavy Nasdaq Composite jumped as much as 1.8 percent and the S&P 500 shot up by 1.6 percent.

European markets fluctuated before ending mixed on Friday as earnings proved to be a mixed bag and traders played close attention to a series of speeches from Fed officials at the end of the trading week.

The pan-European Stoxx Europe 600 index, the German DAX and France's CAC 40 index all rose about 0.2 percent while the U.K.'s FTSE 100 eased 0.1 percent.

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