European markets eye earnings season, shrug off coronavirus surge

European stocks are expected to open higher Monday despite the backdrop of surging coronavirus cases in some parts of the world, and as investors approach earnings season.

London’s FTSE is seen opening 52 points higher at 6,154, Germany’s DAX is expected to open 156 points higher at 12,777, France’s CAC 40 is seen 56 points higher at 5,019 and Italy’s FTSE MIB 239 points higher at 19,935, according to IG.

European markets are set to track their global counterparts higher Monday despite the surge in coronavirus cases in the U.S. and beyond; Florida reported 15,299 new coronavirus cases on Sunday, the highest single day total for any American state since the pandemic began.

The U.S. has reported more than 60,000 new cases daily for three days in a row now, bringing the national total to more than 3 million cases, according to data from Johns Hopkins University. The World Health Organization reported a record daily rise in global coronavirus cases Sunday, according to Reuters.

Earnings season is set to kick off this week with big banks and others reporting their quarterly results. JPMorgan, Citigroup and Wells Fargo are scheduled to report on Tuesday. Pepsi will report earnings on Monday before the market open. There are no major earnings or data releases from Europe on Monday, however.

— CNBC’s Yun Li and Eustance Huang contributed to this market report.

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