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Wall Street set for higher open; earnings eyed

U.S. stock index futures pointed to a higher open on Wall Street Monday, on the back of positive sentiment overnight in Asia and Europe.

U.S. corporate earnings are expected to keep investors on their toes during trade, with the likes of Sysco, Noah Holdings, and Red Rock Resorts posting quarterly results on Monday.

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The only major U.S. data due out on Monday will be the Empire Manufacturing State Survey, due out at 8.30 a.m. ET and the NAHB (National Association of Home Builders) Housing Market index, out at 10 a.m. ET.

Crude futures traded pared gains on Monday, despite speculation surrounding potential action by leading producers helped prop up prices. WTI and Brent were hovering around $44.50 and $47 per barrel respectively, at 7:59 a.m. ET.

European stocks traded slightly higher while Asia-Pacific indexes finished mixed to mostly higher overnight despite data out of Japan which showed that the economy failed to grow in the three months through June. Japanese indexes finished slightly lower after the gross domestic product data missed forecasts.

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Meanwhile, China's mainland markets, the Shanghai composite and Shenzhen composite advanced 2.45 and 2.5 percent respectively. This comes amid speculation of potentially more stimulus by the People's Bank of China, following a slew of weaker-than-expected July data, according to Reuters.

In the previous session, U.S. indexes closed mostly lower Friday, following a disappointing retail sales report.

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