European Factors-Shares seen up on renewed recovery hopes
LONDON, Oct 6 (Reuters) - European shares are set to open higher on Tuesday,extending the previous session's gains after data showed the U.S. servicessector expanded for the first time since August 2008, renewing hopes foreconomic recovery.
Financial spreadbetters expected Britain's FTSE 100 .FTSE to open up 13 to21 points, or as much as 0.4 percent, Germany's DAX .GDAXI to open 20 to 33points higher, or as much as 0.6 percent, and France's CAC 40 .FCHI to rise 15to 21 points in the open, or as much as 0.6 percent.
The dollar fell after UK newspaper the Independent said Gulf Arab stateswere in secret talks with Russia, China, Japan and France to replace the U.S.dollar with a basket of currencies in the trading of oil.
The weak dollar helped support metal prices.
Meanwhile, New York Federal Reserve President William Dudley said on Mondaythat a tepid economic recovery should allow the Fed to keep interest rates atrock-bottom lows for a prolonged period. [ID:nN05394214]
Australia's central bank, however, raised its key cash rate by 25 basispoints to 3.25 percent on Tuesday, saying it was prudent to gradually take backpolicy accommodation now that the worst danger for the economy had passed[ID:nSYD520296]. The move sent the Australian dollar higher against the dollarand the yen.
The FTSEurofirst 300 .FTEU3 of top European shares ended 0.8 percenthigher on Monday, after hitting a four-week closing low on Friday.
----------------------MARKET SNAPSHOT AT 0501 GMT----------------------
LAST PCT CHG NET CHG
S&P 500 .SPX 1,040.46 1.49 % 15.25
NIKKEI .N225 9,666.92 -0.08 % -7.57
MSCI ASIA EX-JP .MIASJ0000PUS 450.73 0.92 % 4.13
EUR/USD EUR= 1.4713 0.45 % 0.0066
USD/JPY JPY= 89.12 -0.46 % -0.4100
10-YR US TSY YLD US10YT=RR 3.230 -- 0.01
10-YR BUND YLD EU10YT=RR 3.137 -- 0.01
SPOT GOLD XAU= $1,019.05 0.24 % $2.40
US CRUDE CLc1 $70.55 0.20 % 0.14
-----------------------------------------------------------------------
* Wall St rises on services data, earnings optimism [ID:nN05386954]
* Nikkei flat as banks gain but yen worry weighs [ID:nT34100]
* Dollar skids on Gulf oil report, Asia shares up [ID:nL6172292]
* Oil flat at $70, eyes U.S. stocks, dollar switch talk [ID:nSYD484069]
* Dlr falls on report of ending its use in oil trade [ID:nT190009]
* TREASURIES-Drift sideways in Asia ahead of auctions [ID:nT189705]
* PRECIOUS-Gold inches up towards $1,020 on weak dollar [ID:nT9346]
(Reporting by Dominic Lau; Editing by Greg Mahlich)
Source: Reuters
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