European stocks were higher on Monday as all eyes were on the U.S. presidential election on Tuesday.
The pan-European Stoxx 600 index was last up 0.25% at 11 a.m. London time, with regional exchanges and sectors generally higher.
Oil and gas, auto and bank stocks all rose about 0.7%, while technology stocks fell 0.2%. Oil stocks rose as crude oil prices rose more than 2% on Monday as OPEC+ decided to postpone plans to increase production.
Burberry shares rose about 5% after media reports over the weekend that peer Moncler was considering acquiring the British luxury retailer.
Global markets are gearing up for a crucial week, with the latest U.S. presidential election poll from NBC News showing: “A deadlocked game” Between former President Donald Trump and current Vice President Kamala Harris.
The aftershocks in global markets could depend largely on the outcome of the vote to see which party takes control of Congress. A divided U.S. House and Senate could maintain the political status quo in the world’s largest economy. However, a Republican or Democratic sweep would likely be accompanied by a victory for the same party in the White House and could translate into new spending plans or tax reforms.
Asia-Pacific markets rose on Monday, while U.S. stock index futures were mixed in overnight trading.
— CNBC’s Samantha Subin contributed reporting to this markets blog.
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