European Shares To Open On Firm Note As China Cuts Key Rates

(RTTNews) - European stocks are seen opening on a positive note Tuesday after U.S. markets ended higher overnight, led by technology stocks.

Asian markets traded mixed as Japan's Q2 GDP beat forecasts, but a slew of Chinese data added to concerns about a faltering post-pandemic recovery in the world's second-largest economy.

Chinese industrial production, retail sales and fixed asset investment data all came in below analyst expectations.

Earlier today, China's central bank unexpectedly cut key policy rates for the second time in three months in its efforts to boost economic recovery.

As concerns over the country's property market worsen, the central bank has opened the door to a potential cut in the country's benchmark lending rate next week.

The U.S. dollar held firm against its rivals while China's yuan hit a nine-month low on mounting concerns over slowing economic growth.

Gold hovered near five-month lows while oil prices were little changed after settling lower Monday on China demand concerns.

In economic news, economic confidence survey results from Germany, U.K. unemployment figures and U.S. retail sales data are awaited later in the day.

Wednesday's minutes of the Federal Reserve's latest monetary policy meeting may offer additional clues about the Fed's plans for the rest of the year.

U.S. stocks rose overnight, with technology stocks leading the surge on growing hopes of a soft landing in the U.S. economy and a rating upgrade of Nvidia by Morgan Stanley.

The Dow edged up marginally, the S&P 500 added 0.6 percent and the tech-heavy Nasdaq Composite surged 1 percent.

European stocks closed mixed on Monday amid concerns around the health of the Chinese economy and the possibility of U.S. interest rates rising further.

The pan European STOXX 600 gained 0.2 percent. The German DAX rose half a percent and France's CAC 40 edged up 0.1 percent while the U.K.'s FTSE 100 dropped 0.2 percent.