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European Shares Set To Follow Asian Peers Higher

european market 021219 13jul20 lt

European stocks are seen opening higher on Monday as investors weigh hopes for an improved economic outlook against rising coronavirus counts.

Traders also remain hopeful that the U.S. earnings season would see most companies beat forecasts.

JP Morgan, Citigroup, and Wells Fargo will unveil their earnings reports on Tuesday, while Goldman Sachs, Bank of NY, Netflix and Morgan Stanley will declare their financial results later in the week.

Asian stocks crept toward five-month peaks despite the United States breaking global records by registering about 60,000 new cases a day for the last four days in a row.

With over 32.6 lakh reported cases till date, the United States is the worst-affected country in the world, followed by Brazil, India, Russia and Peru.

Argentina exceeded 1 lakh Covid-19 cases on Sunday despite a strict quarantine imposed on the capital Buenos Aires and its surroundings.

China will release its June trade data on Tuesday and a batch of other data, including economic growth data for April-June, on Thursday.

The dollar started the week on a soft note while oil prices slipped ahead of an OPEC technical meeting this week to recommend the next level of production cuts.

U.S stocks advanced on Friday after Gilead Sciences (GILD) said remdesivir showed a sharp mortality risk drop when used to treat patients suffering of coronavirus.

The Dow Jones Industrial Average climbed 1.4 percent, the tech-heavy Nasdaq Composite rose 0.7 percent and the S&P 500 added 1.1 percent.

European stocks ended notably higher on Friday as investors cheered positive news about a potential coronavirus vaccine, easing of lockdown measures in the U.K. and stronger-than-expected economic data from France and Italy.

The pan European Stoxx 600 advanced 0.9 percent. The German DAX rallied 1.2 percent, France's CAC 40 index gained 1 percent and the U.K.'s FTSE 100 rose 0.8 percent.

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