European Shares Seen Flat After Rally

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European stocks are seen opening largely unchanged on Tuesday after shrugging off worries over political instability in Italy to end firmly in positive territory the previous day.

The dollar dropped against most currencies while China's yuan hit a three-week high after the country's central bank set the reference rate stronger against the greenback. Oil prices eased from 16-month highs while gold hovered near a 10-month low.

Asian shares are broadly higher, tracking overnight gains on Wall Street after a monthly survey of purchasing managers showed U.S. service sector activity grew at its fastest pace in more than a year last month.

The Dow inched up 0.2 percent to touch a fresh record high on Monday, while the S&P 500 gained 0.6 percent and the tech-heavy Nasdaq added 1 percent.

Ahead of the Fed meeting next week, St. Louis Fed President James Bullard said on Monday that a December rate hike would be a reasonable option but the U.S. should retain sufficient fiscal capacity to support the economy when the next cyclical downturn does occur.

Fed vice chair and New York Fed President William Dudley also painted a fairly benign picture of the world's largest economy, but Chicago Federal Reserve Bank President Charles Evans suggested the central bank should go slow on raising interest rates.

Closer home, like-for-like sales in the United Kingdom saw annual growth of just 0.6 percent in November, down from 1.7 percent in October, the British Retail Consortium said today.

The day's economic calendar remains light, with factory orders data from Germany and final GDP figures from the euro area slated for release later in the session.

The European Central Bank meets on Thursday amid expectations that it will announce an extension of asset purchases at the current pace of 80 billion euros ($85 billion) a month.

European stocks ended Monday's session firmly in the green as traders shrugged off concerns about Italy's political future and increased downgrade risks from rating agencies following Prime Minister Matteo Renzi's defeat in a referendum.

The pan-European Stoxx Europe 600 index rose 0.6 percent despite losses in the Italian banking sector. The German DAX rallied 1.6 percent, France's CAC 40 index advanced 1 percent and the U.K.'s FTSE 100 gained 0.2 percent.

by RTT Staff Writer

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