TEHRAN, Young Journalists Club (YJC) -Asian stocks and U.S. equity futures posted modest gains on Monday on hopes of solid U.S. holiday sales, though risk appetite was tempered as plunging oil prices fanned worries about the global economic outlook. the spending plans that have left it facing formal European Union disciplinary action.
Investors were also cautious before U.S. and Chinese leaders meet for crucial talks at the end of the week as trade tensions between the economic superpowers showed no signs of easing.
“The U.S.-China summit is the biggest event for the rest of the year,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.
European shares are seen opening higher, with spread-betters picking Britain's FTSE .FTSE, France's CAC .FCHI and Germany's DAX .GDAXI to rise 0.4-0.5 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.6 percent, led by gains in Hong Kong and Taiwan, while Japan's Nikkei .N225 advanced 0.8 percent.
In China, the Shanghai composite index .SSEC eased 0.3 percent.
U.S. stock futures ESc1 tacked on 0.6 percent in Asian trade, on hopes of brisk spending by U.S. consumers on so-called Black Friday and Cyber Monday sales.
Shoppers across the United States snapped up deep discounts on toys, clothing and electronics both online and at stores on Black Friday, giving retailers a strong start to their make-or-break holiday season.
U.S. stock markets had another tough session on Friday, when the benchmark S&P 500 .SPX hit its lowest close in more than six months as the energy sector took a beating in the wake of the oil slump.
The S&P 500 fell 0.66 percent to end about 10.2 percent down from its Sept. 20 closing record high, the second time this year it has entered a 10-percent correction after a rout in early February.
Oil prices bounced slightly after having dived 8 percent on Friday for their biggest weekly losses in almost three years as signs of slowing demand and rising U.S. production intensified fears of a supply glut.
So far this month, both WTI and Brent futures were down more than 20 percent, and unless they recover further this week the losses would mark their biggest fall since October 2008.
Source: Reuters