European markets are heading for a tepid open on Monday, bucking a positive trend in Asia-Pacific markets overnight, where shares rose on Monday as China relaxed Covid testing rules in some cities and signaled more easing may come.
Oil prices rose 2% before paring gains to trade around 1% higher as OPEC+ stuck to its policy of lowering oil production and as China relaxed some of its Covid rules.
The alliance of OPEC and non-OPEC producers agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.
European markets closed lower Friday, influenced by a decline in U.S. markets as investors digested the latest U.S. jobs data that showed payrolls rose by 263,000 in November, a bigger gain than expected.
It was the final monthly employment report before the Fed’s two-day meeting on Dec. 13-14, in which the central bank is expected to slow to a 50 basis point interest rate hike from the 75 basis point hikes seen in recent months.
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