European Shares Seen Higher At Open

European stocks may open flat to slightly higher on Tuesday ahead of a busy week of economic calendar.

Eurozone and U.K. manufacturing PMIs, German employment data, Eurozone services PMI, CPI and PPI data are among the prominent reports due this week.

Across the Atlantic, traders look ahead to the release of ADP employment, nonfarm payrolls, factory orders, ISM manufacturing and services indexes, and the minutes of the Federal Open Market Committee (FOMC) meeting in December for additional clarity on the economic and rate outlook.

Asian stocks traded mixed on the first trading of 2024, with Chinese and Hong Kong markets slipping into the red after the release of mixed economic data.

While a private-sector survey showed factory activity gained momentum in December, official data showed activity shrunk, raising bets of monetary easing.

In his televised annual New Year Eve speech, President Xi Jinping said the Chinese economy was in trouble and that the democratically self-ruled island of Taiwan will “surely be reunited”.

Japanese markets were closed for a holiday. The country lowered its tsunami warning but still telling people not to go home after a series of powerful earthquakes hit western Japan on New Year’s Day.

The dollar started 2024 on a firm footing while oil prices gained more than $1 a barrel after Iran sent a warship to the Red Sea in response to the destruction of three Houthi boats by the U.S. Navy over the weekend.

Gold traded modestly higher after seeing strong gains in the last few trading days of 2023 on dovish Fed expectations and geopolitical risks.

Israel is removing some troops from Gaza after saying its war against the territory’s Hamas rulers will last through 2024.

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