European stocks are expected to open higher on Monday, fueled by positive US sentiment, as the House of Representatives is expected to pass the US Covid relief bill. week.
London’s FTSE is forecast to open 47 more points to 6,670, Germany’s DAX an additional 52 points to 13,973, France’s CAC 40 rose 33 points to 5,813 and Italy’s FTSE MIB rose 183 points to 23,138, according to IG.
The expected gains for European markets come as Dow futures rose Sunday night as a massive stimulus package from the U.S.
Futures contracts tied 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 fell 0.3%, indicating that a recent underperformance in technology stocks may continue on Monday.
The move in futures came after the Senate passed a $ 1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus controls and helps 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.
In Europe on Monday, gains came from Pearson and Direct Line and the data releases include Swiss unemployment data for February, preliminary fourth-quarter GDP data for Greece and Dutch inflation data for February.
– CNBC’s Jesse Pound and Saheli Roy Choudhury contributed to this market report.
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