European markets head for higher open as investors digest French election’s first round results

Holly Ellyatt@HOLLYELLYATT

LONDON — European stocks are expected to start the new trading week higher as investors in the region digest the results of the first round of France’s snap parliamentary election.

The U.K.’s FTSE index is seen opening 6 points higher at 8,182, Germany’s DAX up 96 points at 18,329, France’s CAC 40 up 100 points at 7,562 and Italy’s FTSE MIB up 268 points at 33,655, according to data from IG.

European markets will be reacting to the results of the first round of the snap parliamentary election in France in which there was a sharp upswing in votes for the anti-immigrant National Rally party.

Initial results point to it struggling for an absolute majority in the second round of voting that takes place on July 7, however. French President Emmanuel Macron’s centrist alliance came in third place Sunday.

Overnight, Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan’s business confidence readings. Meanwhile, U.S. stock futures rose in overnight trading Sunday as Wall Street looked ahead to the second half of 2024 after a strong finish to the first half of the trading year.

Earnings are set to come from Associated British Foods and the latest German inflation data will be released.

Source : cnbc