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Investing.com – European stock markets are seen opening higher Monday, with the news that U.S. President Donald Trump could shortly be discharged from hospital reducing the political uncertainty that shook the markets late last week.
At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.5% higher, CAC 40 futures in France climbed 0.7% and the FTSE 100 futures contract in the U.K. rose 0.8%.
President Trump could return to the White House, from the military hospital where he is being treated for the Covid-19 virus, as early as Monday, his doctors said on Sunday.
Relief about his health is likely to push equities higher as this removes an area of uncertainty ahead of next month’s U.S. presidential election.
Adding to the renewed confidence, President Trump also tweeted his wish for the U.S. Congress to reach an agreement on the latest stimulus package. This adds to the pressure on the two sides to reach a compromise, especially after Friday’s disappointing official employment report.
Turning back to Europe, euro zone finance ministers are due to meet in Brussels later Monday to discuss the implementation of the much-heralded 750 billion-euro coronavirus recovery fund.
The countries whose economies have been hardest hit by the virus, including Italy, Spain and Greece, are keen to see these funds unlocked to boost the region’s nascent recovery.
Meanwhile, global coronavirus infections have surpassed 35 million, with a second wave continuing to surge through Europe. France reportedly plans to shut down bars in the Paris region, while U.K. Prime Minister Boris Johnson warned of a “very tough” winter.
The data slate in Europe includes services PMI numbers from a number of countries and also euro zone retail sales figures Monday. Most attention this week, however, is going to be on the release of the minutes from the last European Central Bank meeting on Thursday.
In corporate news, Swiss-based travel retailer Dufry (SIX:DUFN) is likely to be in the spotlight after it announced a joint venture with Alibaba (NYSE:BABA), with the move into the Chinese travel retail market to be owned 51% by Alibaba and 49% by Dufry.
Oil prices rebounded Monday, boosted by comments from doctors that President Trump could leave hospital very quickly. Prices had slumped more than 4% on Friday amid uncertainty surrounding the president’s health, adding to concern that rising coronavirus case numbers that could dampen global economic recovery.
U.S. crude futures traded 2.6% higher at $38.00 a barrel, while the international benchmark Brent contract rose 2.2% to $40.14.
Elsewhere, gold futures fell 0.5% to $1,897.85/oz, while EUR/USD traded 0.1% higher at 1.1728.
