European stocks head for higher open as global markets look for gains after rout

European stocks head for higher open as global markets look for gains after rout

LONDON — European stocks are expected to open higher on Tuesday as global markets look to cement gains after a bruising week for stocks last week.

The U.K.’s FTSE index is seen opening 26 points higher at 7,266, Germany’s DAX 90 points higher at 12,885, France’s CAC 40 up 31 points at 5,990, and Italy’s FTSE MIB 170 points higher at 21,380, according to data from IG.

The positive open for European markets builds on solid momentum as the region’s indexes closed higher on Monday, albeit wrapping up a quieter day for global markets given the July Fourth holiday in the United States.

Overnight, U.S. stock futures rose early on Tuesday morning, with markets looking ahead to when the U.S. Federal Reserve releases the minutes from its latest Federal Open Market Committee meeting on Wednesday.

U.S. data releases this week also include the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June, with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.

Shares in the Asia-Pacific region mostly traded higher overnight as investors look ahead to the latest rate decision from the Reserve Bank of Australia.

Central bank action is also central to market sentiment in Europe this week. The Bank of England is due to publish its latest biannual Financial Stability Report on Tuesday. The European Central Bank is set to publish accounts of its latest monetary policy discussion on Thursday.

Data releases includes final June purchasing managers’ index data for the euro area and French industrial production figures for May. Retailer Marks and Spencer holds an annual general meeting on Tuesday.

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