European stocks are expected to open higher on Monday, supported by positive sentiment in the United States as the United States’ Covid relief bill is expected to be approved by the House of Representatives later this week.
London’s FTSE would open 47 points more to 6,670, Germany’s DAX 52 points more to 13,973, France’s CAC 40 up 33 points to 5,813 and Italy’s FTSE MIB up 183 points at 23138, according to IG.
The expected gains for European markets come as Dow futures rose on Sunday night as a massive US stimulus package headed for final move this week.
Futures contracts linked to the Dow Jones Industrial Average added 101 points, or 0.3%. Those of the S&P 500 rose 0.2%, while those of the Nasdaq 100 slipped 0.3%, signaling that a recent underperformance in tech stocks could continue on Monday.
The move came after the Senate passed a $ 1.9 trillion stimulus and economic relief bill on Saturday, paving the way for unemployment benefit extensions, another round of stimulus checks and aid to state and local governments.
The Democratic-controlled House will pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment assistance programs expire on March 14.
On Monday in Europe, revenue comes from Pearson and Direct Line and the data released includes unemployment data for Switzerland for February, preliminary fourth quarter GDP data for Greece and inflation data for the Netherlands for February.
– CNBC’s Jesse Pound and Saheli Roy Choudhury contributed to this market report.
To subscribe to CNBC PRO for exclusive news and analysis and live business day programming from around the world.