European Shares Seen Higher At Open

(RTTNews) - European stocks are seen opening on a firm note Tuesday as investors await a swath of global inflation prints for direction.

A reading of May consumer prices for the euro zone is due on Friday, while inflation readings from Germany, Spain and France are due to be released throughout the week.

The Federal Reserve's preferred inflation measure, core PCE, due on Friday might provide additional clarity on the possible rate cuts by the U.S. central bank this year.

Recent comments by central bank officials suggest that the European Central Bank is all set to cut interest rates in June while the Federal Reserve is not yet ready.

Most ECB policymakers are agreed on a June rate cut but reluctant to commit to a path beyond that.

Governing Council member Francois Villeroy de Galhau described June rate cut as a "done deal" and made the case for the ECB to keep easing after that.

Elsewhere, U.K. Prime Minister Rishi Sunak proposed tax concessions for pensioners if his Conservatives win the general election.

German wholesale figures along with the publication of inflation expectations surveys by the ECB may garner investor attention later today.

In the Middle East, Israel's army continues to pound Rafah, targeting the Tal as-Sultan, Saudi, Tal Za'roub and al-Hashashin areas of the city, killing and wounding many Palestinians. The airstrikes on Rafah refugee camp sparked worldwide condemnation.

Asian stocks traded mixed, with Chinese and Hong Kong markets rising after Shanghai reduced the minimum down payment for first-time home buyers.

Gold held steady as the dollar weakened on improved risk appetite.

Oil extended gains for a second straight session ahead of an OPEC+ supply meeting on Sunday.

The U.S. markets were closed overnight for Memorial Day.

European stocks closed higher Monday on late hour buying after two key ECB policymakers threw their weight behind the prospect of an interest rate cut next week.

The pan European STOXX 600 rose 0.3 percent. The German DAX added 0.4 percent and France's CAC 40 gained half a percent while the U.K. market was closed for a Bank holiday.