European markets head for broadly higher open, extending Monday's rally
- European stocks are expected to open mostly higher Tuesday, extending a rally in the previous session that saw Germany's DAX rise 3.3% and hit a new intraday high.
- London's FTSE is seen opening 8 points lower at 6,716, Germany's DAX 7 points higher at 14,403, France's CAC 40 up 9 points at 5,919 and Italy's FTSE MIB80 points higher at 23,741, according to IG.
European stocks are expected to open mostly higher Tuesday, extending a rally in the previous session that saw Germany's DAX rise 3.3% and hit a new intraday high.
London's FTSE is seen opening 8 points lower at 6,716, Germany's DAX 7 points higher at 14,403, France's CAC 40 up 9 points at 5,919 and Italy's FTSE MIB80 points higher at 23,741, according to IG.
European markets also got a boost on Monday from a rally on Wall Street, fueled in part by the Senate's passing of a $1.9 trillion economic relief and stimulus bill on Saturday, which is set to include another round of stimulus checks.
Investors this week will watch as the U.S. House of Representatives plans to pass a $1.9 trillion coronavirus relief bill to get fresh aid to Americans starting this month. President Joe Biden is expected to sign it before key unemployment programs expire on Sunday.
In the U.S. session on Monday, banks, airlines, cruise lines and retailers all rose in hopes of a sharp economic rebound. Meanwhile, in Europe, the pan-European Stoxx 600 closed up 2.2%, with banks adding 3.7% to lead gains as almost all sectors and major indexes advanced.
The rally looks set to continue into Tuesday given that Dow futures moved higher in overnight trading, although there was a different picture from the Asia-Pacific region, where markets traded mixed on Tuesday.
In Europe Tuesday, earnings come from Leonardo, Deutsche Post, Continental, Standard Life Aberdeen, ITV and Domino's Pizza Group. Data releases include revised fourth-quarter euro zone growth figures and German export and import data for January.
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