LONDON — European stocks are set to open higher on Tuesday as global markets look to cement gains after a bruising week for stocks last week.
Britain’s FTSE is expected to open 26 points higher at 7,266, Germany’s DAX 90 points higher at 12,885, France’s CAC 40 31 points higher at 5,990 and Italy’s FTSE MIB 170 points higher at 21,380, according to IG data.
The positive open in European markets builds on strong momentum as the region’s indices closed higher on Monday, although concluding a calmer day for global markets given the July 4 holiday in the United States.
Overnight, U.S. equity futures rose early Tuesday morning as markets anticipated the U.S. Federal Reserve’s release of minutes from its latest Federal Open Market Committee meeting on Wednesday.
US data releases this week also include the release of June jobs report data on Friday. Job growth likely slowed in June, with 250,000 more nonfarm payrolls, down from 390,000 in May, according to Dow Jones estimates. Economists surveyed expect the jobless rate to hold steady at 3.6%.
Stocks in the Asia-Pacific region mostly traded higher overnight as investors anticipate the latest rate decision from the Reserve Bank of Australia.
Central bank action is also at the heart of market sentiment in Europe this week. The Bank of England is due to release its latest semi-annual financial stability report on Tuesday. The European Central Bank is expected to release the minutes of its latest monetary policy discussion on Thursday.
Data releases include final June PMI data for the euro zone and French industrial production figures for May. Retailer Marks and Spencer is holding an annual general meeting on Tuesday.