European markets are expected to start the week on a positive note


European stocks are expected to start the week on a positive note, opening broadly higher on Monday.

The UK’s FTSE index would open 10 more points to 7,233, the German DAX 14 points to 16,173, the French CAC 40 6 points to 7,118 and the Italian FTSE MIB 56 points to 27,393, according to IG data.

The positive start in European markets echoes a buoyant sentiment elsewhere; US equity futures edged up in overnight trading on Sunday ahead of the shortened US holiday week. U.S. markets will be closed Thursday Thanksgiving Day, and the stock market will close early at 1 p.m. ET on Friday.

Stocks have a habit of posting gains during Thanksgiving week, which could potentially set the stage for a year-end Santa rally.

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The appointment of President Joe Biden as the next head of the Federal Reserve will be another big event for the market this week.

Biden is expected to announce his choice in the coming days, with current President Jerome Powell and Governor Lael Brainard seen as the most likely candidates. Many expect a more accommodating central bank if Brainard wins, meaning it would take longer to tighten policies, including raising interest rates.

Meanwhile, Asia-Pacific stocks were mixed in Monday’s trading as China kept its key rate unchanged.

On the earnings front, Julius Baer is releasing his latest results and data released on Monday includes the latest flash reading of Eurozone consumer confidence for November.

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– CNBC’s Yun Li contributed to this market report.


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