European stocks head for broadly higher open as traders react to German election results

European markets are expected to open in broadly higher territory Monday as traders react to the results of the German federal election.

The U.K.’s FTSE 100 index is expected to open 10 points higher at 8,672, Germany’s DAX up 229 points at 22,486, France’s CAC up 16 points at 8,165 and Italy’s FTSE MIB 6 points lower at 38,506, according to data from IG.

Exit polls show the conservative Christian Democratic Union and the allied Christian Social Union secured the largest share of votes in the election on Sunday, with the alliance’s candidate Friedrich Merz set to take over from Olaf Scholz as chancellor of Europe’s largest economy.

The CDU-CSU won 28.5% of votes, with the far-right AfD in second place with 20% and Scholz’s Social Democratic Party coming in third with 16.5%, according to ZDF exit polls data.

There are no major earnings Monday. Germany’s Ifo Institute is set to release its latest business climate survey.

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