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European markets set for a positive open as oil prices climb
nada nasser Published in Amwal Al Ghad on 07 - 05 - 2018

European markets are expected to tick higher on Monday, boosted by a solid session seen out of Asia and crude markets.
Looking to Europe, the CAC is expected to open 22 points higher at 5,538, while the DAX is poised to start the day up 58 points at 12,877, according to IG. Peripheral markets such as Italy's FTSE MIB and Spain's IBEX are both pointing to a higher open, while in the U.K., markets will be closed due to a public holiday.
After a tepid U.S. jobs report on Friday, global markets are turning their attention to the commodities space on Monday.
Oil futures touched their highest level since late 2014 on Monday, with U.S. WTI jumping above $70 per barrel on Monday and Brent crude rising as high as $75.89 — the highest it has been since November 2014.
Prices were climbing on the back of concerns surrounding Venezuela's oil exports and the future of the Iran nuclear deal. At 6:30 a.m. London time, Brent hovered around $75.60 per barrel, while U.S. WTI jumped to the $70.35 mark. Consequently, oil stocks will be in key focus during Monday's session in Europe.
In the latest surrounding the nuclear deal, President Hassan Rouhani stated that Iran had a plan to counter any move made by the U.S. President when it comes to the 2015 nuclear agreement.
Trump has set a deadline of May 12 for the deal to be changed or has said he could withdraw the U.S. from it. On Sunday, Iran's Rouhani went on to add that the U.S. would be "making a mistake" is it chose to exit the accord; Reuters reported.
Elsewhere, officials from China and the U.S. finished two days of negotiations last week without a deal on trade or another date set for future talks. The U.S. administration has demanded a $200 billion cut in the Chinese trade surplus, along with advanced technology subsidies and lower tariffs; Reuters reported.
In central banking news, Peter Praet, chief economist at the European Central Bank, is set to deliver remarks at the SFAA Swiss Financial Analysts Association event in Geneva, Switzerland.
On the data front, retail purchasing managers' index data for the euro zone is scheduled to come out during morning trade.
Source: CNBC

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