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Sensex, Nifty Seen Lower On Weak Global Cues

Indian shares may open lower on Monday, tracking weak global cues as U.S.-China trade tensions linger and investors await testimony from Fed Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin later in the week.

Developments related to Covid-19 vaccines, news related to the border tensions with China and derivatives expiry on Thursday may sway sentiment as the week progresses.

Asian markets are moving in a tight range this morning amid a holiday in Japan. The offshore yuan edged higher as China kept its benchmark lending rate for corporate and household loans steady for the fifth straight month.

The euro edged higher after reports that the European Central Bank is considering changes to its pandemic emergency purchase program.

U.S. stocks ended lower on Friday as investors fretted over rising coronavirus cases, uncertainty around further stimulus spending and a patchy economic recovery. The Dow slid 0.9 percent, while the tech-heavy Nasdaq Composite and the S&P 500 shed around 1.1 percent each.

European markets also fell on Friday as Covid-19 cases topped 30 million worldwide and the World Organization warned of a "very serious situation" arising in Europe.

The pan European Stoxx 600 gave up 0.7 percent. The German DAX and the U.K.'s FTSE 100 both slid around 0.7 percent, while France's CAAC 40 index lost 1.2 percent.

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