European stocks were set to open steady on Monday, taking a breather following the previous session sharp rally as soft macro data from China and Japan revived concerns over the pace of global growth.
China’s exports rose 4.7 per cent in November from a year earlier, while imports dropped 6.7 per cent, well below expectations and adding to concerns that the world’s second-largest economy could be facing a sharper slowdown.
Japan’s economy shrank more than initially reported in the third quarter due to declines in business investment, surprising markets and backing premier Shinzo Abe’s recent decision to delay a second sales tax hike.
Financial spreadbetters expected Britain’s FTSE 100 to open 2 to 3 points lower, or down 0.04 per cent, Germany’s DAX to open 2 to 3 points higher, or up 0.03 per cent, and France’s CAC 40 to open around 5 points lower, or down 0.11 per cent.
European stocks rallied on Friday, with the FTSEurofirst 300 index of top European shares surging 1.8 per cent and Germany’s DAX hitting a record closing high, boosted by data showing US employers took on the most workers for nearly three years in November.