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European Shares Set To Open Positive

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European Shares Set To Open Positive

European stocks are likely to open higher on Monday in line with mostly positive Asian market trading after U.S. President Donald Trump signed additional stimulus in the U.S., and the U.K and the European Union negotiators finalized their post-Brexit trade deal.

Investor sentiment will also reflect continued optimism about coronavirus vaccines as Europe launched a mass vaccination drive on Sunday. In France, vaccination started after the French High Authority for Health or HAS authorized the use of Pfizer/BioNTech COVID-19 vaccine.

On Sunday, Trump signed into law a $2.3 trillion pandemic aid and government spending package restoring unemployment benefits to millions of Americans. His move averted a partial federal government shutdown. Trump's signing of the bill that contains $900 billion in pandemic relief comes just days after he threatened not to sign the package and called it a "disgrace".

Further, investors await the EU and the UK to announce a post-Brexit trade deal after reaching agreement on fair competition and fishing rights. Britain on Saturday published the text of its narrow trade agreement with the European Union.

The U.K market is closed today being Boxing Day. The U.S. and European markets were closed on Friday for the Christmas Day holidays.

On the European economic data front, Spain retail sales data is due at 3.00 am ET. In Finland, December manufacturing confidence was -5, compared to -13 in November.

Asian stock markets are mostly higher on Monday with positive news about U.S. Covid-19 relief package and vaccination drive in Europe.

In Japan, trading activity remained subdued. The Ministry of Economy, Trade and Industry said that industrial output in Japan was flat on a seasonally adjusted basis in November.

In China, industrial profits logged a double-digit annual growth in November, but the pace of growth moderated notably, data released by the National Bureau of Statistics showed over the weekend.

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