RTTNews - The major European markets are poised for a flat or slightly higher opening Monday morning taking cues from Wall Street Friday, where the major indices ended mixed on the quadruple witching day, as investors preferred to stay on the sidelines. A slew of economic data slated for release during the course of the week might keep the investors on tenterhooks looking for direction. A marginal drop in commodity prices and optimism about growth prospects that is driving the Asian markets could help improve sentiment.
In the U.S., stocks finished in the green snapping the three-day losses as investors preferred to stay on the sidelines amid a lull in economic data on the day, while looking forward to a slew of economic figures in the week beginning June 22.
While the Dow closed down 15.87 points or 0.2% at 8,540, the Nasdaq closed up 19.75 points or 1.1% at 1,827 and the S&P 500 closed up 2.83 points or 0.3% at 921.
Meanwhile, the European markets extended their gains for the second day on Friday led by commodities and banks following positive economic data that raised hopes that the global economy is on a recovery path.
The FTSEurofirst 300 index of pan-European blue chips closed 1.29% higher at 862, while the narrower DJ Stoxx 50 index rose 1.26% to 2,138. The U.K.'s FTSE 100 index climbed 1.52% to 4,346, while France's CAC 40 index surged up 0.85% to 3,221 and Germany's DAX index rose 0.04% to 4,839.
On the economic front, Statistics Denmark is slated to release the monthly consumer confidence survey results for June 2009 at 3.30 am ET. Economists expect the sentiment index to rise to minus 2.5 in June from minus 4.7 last month.
At 4.30 am E.T, the Munich-based Ifo Institute for Economic Research is slated to release German business confidence for June. German business sentiment is seen at 85 in June, up from 84.2 in May. While, expectations is forecast to rise to 87 from 85.9 and current assessment to reach 83, up from 82.5 in May.
Crude oil price is trading mostly flat at $69.54 a barrel, after having ended below $70 a barrel at $69.55 on Friday in New York amid concerns that supplies will outweigh demand. The US dollar is trading higher against most currencies in Asia, except Japan, where the local currency surged ahead on positive economic data. .
In corporate news, automakers Daimler AG and Porsche might react to reports that the two companies are in talks regarding Daimler purchasing a stake in Porsche.
CryptoLogic Ltd may see some strength after announcing the extension of its exclusive licensing agreement with Marvel Entertainment through 2013.
Fresnillo plc may see some activity after the parent company announced that its subsidiary, Fresbal Investments Ltd., withdrew its proposal to make an offer for 100% of MAG Silver Corp.'s (MAG.TO, MVG) shares not owned by Fresnillo plc.
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