European markets look set to start the week positively; oil prices in focus after OPEC+ output hike

The second-quarter earnings season is starting to ease, with no major corporate reports Monday.

On the data front, traders will be keeping an eye on the latest monetary policy decision from the Turkish central bank and Spanish employment figures.

— Holly Ellyatt

Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets at the start of the new trading week.

Futures data from IG suggests a broadly positive open for European indexes, with London’s FTSE 100 seen opening 0.4% higher, France’s CAC 40 up 0.5%, Germany’s DAX up 0.4%, and Italy’s FTSE MIB 0.4% higher.

Regional bourses had closed lower on Friday, with the pan-European Stoxx 600 seeing its worst session since April, after the White House hit countries around the world with a range of new tariff rates on Aug.1.

While the European Union and the U.K. had already negotiated their own trade agreements, the news sent stocks lower around the world on global growth concerns. Stoxx 600 travel stocks closed 2.7% lower, while banks fell 2.9%.

Some global markets will be feeling the hangover of those tariffs into this week. Overnight, Asia-Pacific markets traded mixed as investors assessed the impact of tariffs, as well as the latest U.S. jobs report, which pushed Wall Street lower last Friday and spurred bets on a rate cut by the U.S. Federal Reserve next month.

Investors will also be watching oil prices after the OPEC+ oil producing alliance agreed on Sunday to raise oil production by 547,000 barrels per day for September. The output hike is the latest in a series of increases in production. Oil prices slipped in early Asian trade on Monday.

— Holly Ellyatt