Wall Street set to open higher on hopes of monetary stimulus

REUTERS: U.S. stocks were set to open higher on Monday, as mixed global economic data lifted expectations of monetary stimulus from central banks, including the U.S. Federal Reserve.

Traders see a 91.2per cent chance of a quarter percentage point cut in the Fed's September policy meeting, up from 90per cent on Friday, according to CME's FedWatch. The European Central Bank is also expected to cut rates later this week. The benchmark index added to its positive momentum on Monday by breaking out of its August trading range late last week, said Shawn Gibson, Chief Investment Officer of asset management firm Liquid Strategies in Atlanta."Barring any surprise news, this should be a quiet week in the equity market as most investors are on hold until next week for the FOMC meeting," Gibson said.

Boeing Co fell 1per cent after it suspended load testing of its new widebody 777X aircraft over the weekend as media reports said a cargo door failed in a ground stress test.

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