European stocks are set to open higher on Monday as hopes for a deal between the U.S. and Iran rose over the weekend.
France’s Cac 40 is on course to add 0.9%, according to futures data from IG. Germany’s Dax is on track to rise 1.1%. The U.K’s FTSE 100 is closed for a public holiday.
Stocks in Europe are tracking their Asian counterparts higher after Japan’s Nikkei 225 breached 65,000 on Monday for the first time.
Japan’s headline index hit a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may reopen soon drove oil prices down and boosted investor sentiment.
President Donald Trump said in a Truth Social post that negotiations with Iran were “proceeding in an orderly and constructive manner,” adding that he had told his representatives “not to rush into a deal in that time is on [their] side.”
Oil prices fell more than 5% after Trump’s comments, easing pressure on investors.
European stocks look set to notch their fifth consecutive day of gains, extending Friday’s rally.
— CNBC’s Justina Lee also contributed to this report.
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