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Europe seen slightly higher; oil and ruble rebound

European shares are set for a slightly higher open with sentiment boosted by a rebound in the price of oil and the Russian ruble.

According to IG, the FTSE is called to open higher by 32 points at 6,577, the German Dax is seen up by 5 points at 9,792 and the French CAC is seen higher by 13 points at 4,255.

Sentiment is set to remain positive this week, which might see decreased trading volumes due to the festive holidays beginning on Thursday. Markets have been volatile in recent weeks with a heavy drop in the price of oil and Russia’s economic woes weighing on companies with exposure to the region.

Oil prices rose in early trading on Monday with a consensus spread that Brent crude prices would likely remain above $60 for the rest of the year. Front-month Brent was trading at $62.04 and U.S. WTI’s front-month contracts were up $0.69 at $57.82 a barrel.

On the data front in Europe, a flash reading of euro zone consumer confidence for December is due at 3.00 p.m. London time. In the U.K., the Bank of England will also release the minutes of its latest Financial Policy Committee at 9:30 a.m. London time. There are no major earnings releases on Monday.

In Asia, equities began the holiday-shortened week on a bright note. A positive finish on Wall Street last Friday also delivered gains to Asia. U.S. stocks rose for a third session, with the S&P 500 rising 3.4 percent for the week – tallying its second-best week in nearly two years.


 Varchev Traders


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