European Shares Poised For Mixed Open

(RTTNews) - European stocks may struggle for direction at open on Tuesday as investors keep a close eye on the Middle East crisis and gear up for the release of key U.S. economic data this week that could influence the Federal Reserve's rate trajectory.

U.S. stock futures ticked higher after U.S. President Doanld Trump said the U.S. Navy has cleared the strait of mines and now holds "100 percent" control of the Strait of Hormuz.

In economic releases, the U.S. Labor Department is scheduled to release reports on consumer and producer inflation on Wednesday and Thursday, respectively followed by July retail sales and the University of Michigan's consumer sentiment index on Friday.

On the heels of last Friday's surprisingly weak jobs report, the aforesaid readings could impact the outlook for interest rates.

Asian stocks were mixed in cautious trade, with Japanese markets closed for a holiday.

The U.S. dollar was largely subdued amid a lack of any breakthrough in West Asia talks.

Gold was little changed at $4,393 an ounce after two consecutive sessions of gains on receding Fed hike bets and reports suggesting that China's central bank stepped up gold purchases in July.

Brent crude futures edged up slightly to hover near $88 a barrel after rising for four consecutive sessions.

Overnight, U.S. stocks ended a choppy session slightly lower as oil prices surged nearly 5 percent on growing doubts over a near-term agreement to reopen the Strait of Hormuz.

Iran said a pact with Oman to establish a shipping route through the critical waterway was "very close," while rejecting direct negotiations with Washington until several conditions are met.

U.S. President Trump said the U.S. is semi-negotiating with Iran and wants Iran to remain under economic pressure.

After Tehran sought financial compensation over damages incurred during the U.S.-Israeli military operations in the country, Trump said he has instructed American representatives to firmly include compensation demands from Iran in any future negotiations, complicating efforts to reopen the crucial waterway.

The Dow and the S&P 500 both slipped around 0.1 percent while the tech-heavy Nasdaq Composite shed 0.3 percent.

European stocks ended little changed near a record high on Monday after a fresh uptick in crude oil prices and ahead of a busy week packed with crucial economic data.

The pan-European STOXX 600 ended flat with a positive bias. The German DAX and France's CAC 40 both finished marginally higher while the U.K.'s FTSE 100 dipped 0.4 percent.