European markets trade higher as Trump pick boosts sentiment

Investing.com -- European stocks are poised for a positive start on Monday, reflecting a lift in global market sentiment. 

At 03:18 ET (0817 GMT), Germany's DAX index was up 0.7%, France's CAC 40 gained 0.8%, and the UK's FTSE 100 rose 0.4%.

Germany’s November IFO Business Climate Survey, a key indicator of economic sentiment in Europe’s largest economy, is set to be released later Monday. Trump treasury pick sparks market optimism

Investor sentiment has been lifted by President-Elect Donald Trump’s decision to nominate Scott Bessent, founder of Key Square Group, as the next U.S. Treasury Secretary. 

Bessent is widely regarded as a market-friendly choice, with investors expecting him to advocate for policies that support equities. 

However, Trump has indicated that Bessent will play a key role in advancing protectionist trade policies, which could have wider implications for global markets. UniCredit seeks to buy Banco BPM in $10.5 bln deal

UniCredit has announced a €10 billion bid to buy its domestic rival Banco BPM (BIT:BAMI ). The offer is described as independent of UniCredit's ongoing interest in acquiring the German bank Commerzbank (ETR:CBKG ). Central Bank updates to watch

Key speeches from central bank officials are expected to provide insights into monetary policy. European Central Bank Chief Economist Philip Lane and Governing Council member Gabriel Makhlouf will share their perspectives on the eurozone economy. 

Meanwhile, Bank of England Deputy Governor Clare Lombardelli and Monetary Policy Committee member Swati Dhingra will discuss the U.K.’s monetary policy outlook. Crude oil slips on growth concerns and rising output

Crude oil prices were lower on Monday due to concerns about slowing global economic growth and increased oil production by major producers.

By 3:18 ET, Brent crude edged 0.8% lower to $74 per barrel, while U.S. crude (WTI) was down 0.9% to $70.81 per barrel.

Source: Investing.com