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European markets set for a higher open; Brexit secretary resigns

European markets are expected to start the trading day higher as investors monitor developments on trade and react to news that the U.K.’s chief Brexit negotiator has resigned from his post.

The FTSE 100 is seen up by 48 points at 7,653; the DAX is set to open higher by 64 points at 12,552; and the CAC 40 is set to start up by 29 points at 5,399; according to IG.

European investors were waking up to news that Brexit Secretary David Davis has resigned from his position, after disagreements with the rest of the U.K. government and in particular the prime minister.

Theresa May reached a compromise Friday to go ahead with a plan that would mean the country had the closest possible ties with the EU. May is due to address the House of Commons on Monday.

In other news, the French government said Sunday that the White House should expect a united response against new trade tariffs, after Germany said it was ready to negotiate, Reuters reported.

In corporate news, Orange said it is open to a potential tie-up in its home market, Reuters reported. Air France-KLM will release its June traffic figures on Monday.

Investors will also track data out of Germany with exports and balance of trade numbers due at 7 a.m. London time.

Source: CNBC

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