European stocks seen higher before the open

By Jeff Davies

Shares in major European exchanges were modestly in the green in premarket trading on Monday.

Caution remained regarding tensions in the Middle East after an apparent attack last week on two tankers in the Sea of Oman. The British Chamber of Commerce (BCC) downgraded the growth forecast for 2020 from 1.3% to 1.0%, and from 1.4% to 1.2% for 2021. Market participants were bracing for a housing market report for the United States for June, scheduled for later in the day together with a speech by European Central Bank President Mario Draghi in Sintra, Portugal.

The euro was virtually unchanged at 7:55 am GMT, buying $1.1206, and rose by a mere 0.05% to £0.8908. The pound slipped 0.09% to $1.2579. Gold declined 0.26% to $1,337.88 per ounce. The FTSE 100 was 0.2% in positive territory. The DAX rose 0.16% in Frankfurt and the French CAC 40 gained just 0.11%.

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