European shares were set to open little changed on Monday, with Swiss drug group Novartis a focus after announcing acquisitions worth 5.65 billion euros to become a global force in generics, though activity across all assets is likely to be subdued as the U.S. market is closed on Monday for Presidents Day holiday.
Novartis said it has bought privately-owned German generics maker Hexal and the majority of U.S. firm Eon Labs for 5.65 billion euros ($7.37 billion), making its Sandoz unit the world's biggest generics maker.
Weaker copper prices may dampen recent enthusiasm for mining group shares.
Here's how the day looks:
*MARKETS
* Spread betters in London are calling the FTSE 100 , Cac-40 , and Dax indexes between five and seven points firmer.
* The FTSEurofirst 300 index of leading European shares ended slightly firmer on Friday, bolstered by oil groups on the back of firmer crude prices.
* U.S. stocks also finished higher on Friday, lifted by sharp rises in drug makers, although worries about higher inflation and lofty oil prices limited the market's advance.
U.S. Treasuries retreated on Friday after core producer inflation posted its biggest rise in six years, suggesting the Federal Reserve might be more aggressive in raising interest rates. Benchmark U.S. 10-year yields were trading at around 4.264 percent.
Comparable 10-year European government bonds yielded 3.676 percent.
* NYMEX March crude oil futures settled up 81 cents, or 1.7 percent at $48.35 a barrel on Friday ahead of the long weekend, with the market closed on Monday for Presidents Day holiday.
* The dollar was hovering around a three-week low against the euro, while the yen weakened against the euro overnight amid signs of slowdown in the Japanese economy.
* In Tokyo, the Nikkei average was steady as drops in several technology shares were offset by gains in drug makers following reports that Sankyo Co. and Daiichi Pharmaceutical Co. plan to merge to create a holding company with annual sales of more than 900 billion yen ($8.51 billion).
* Other Asian indexes like the Kospi , Hang Seng and Straits Times were flat to firmer with South Korean stocks hitting a five-year high, led by LG Electronics and LG Corp, after Sovereign Asset Management, a Monaco based fund, built up a $975 million stake in them, helping to drive Asian shares outside Japan to a seven-year peak.
* Gold edged down in Asia overnight on light sales though there was light sense of direction in the market ahead of a public holiday in the United States. Double click here [ID:nT218890] to read the latest gold market report.