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European Shares Seen Up As China Pledges Support For Economy


European stocks look set to open higher on Tuesday after Beijing said it would cut taxes "on a larger scale" to stabilize a slowing economy amid ongoing U.S.-China trade war.

Asian markets remain broadly higher and U.S. stock futures rebounded as investors shifted their focus to corporate earnings.

The U.S. corporate earnings seasons kicked off on Monday, with Citigroup posting fourth-quarter profit that beat analysts' expectations.

Delta Air Lines, JPMorgan Chase, UnitedHealth and Wells Fargo are due to report their quarterly results later in the day.

The dollar weakened against rivals and the British pound rose as investors await the parliament vote on British Prime Minister Theresa May's Brexit deal today. It is widely expected that May's Brexit proposal will face a certain defeat.

Oil prices rose over 1 percent after falling more than 2 percent on Monday on concerns about near-term energy demand.

Overnight, U.S. stocks ended lower as disappointing Chinese trade data stirred fresh concerns about the global economic outlook.

The Dow Jones Industrial Average dropped 0.4 percent, the tech-heavy Nasdaq Composite shed 0.9 percent and the S&P 500 declined half a percent.

European markets also closed lower on Monday, weighed down by concerns surrounding the ongoing U.S. government shutdown and Brexit.

The pan-European STOXX 600 fell half a percent. The German DAX eased 0.3 percent, France's CAC 40 index gave up 0.4 percent and the U.K.'s FTSE 100 slid 0.9 percent.

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