European markets to open higher as Hurricane Irma passes; UN slaps new sanctions on North Korea

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European markets are set to open higher Tuesday as investors enjoy a lull in the ongoing conflict with North Korea and the worst effects of Hurricane Irma appear to have passed.

The FTSE 100 is seen opening 26 points higher; the German DAX is expected up by 17 points; and the French CAC is on track to open higher by 29 points.

Asian shares hit a high not seen since late-2007 on Tuesday as geopolitical tensions appeared to cool on the Korean Peninsula. The United Nations Security Council unanimously agreed to step up sanctions on Kim Jong Un’s North Korea Monday, but U.S. Ambassador Nikki Haley insisted that the U.S. is not looking for war with the closed state.

Meanwhile, oil prices dipped slightly lower as traders looked to assess the damaging effects of Hurricane Irma while factoring in refinery restarts following Hurricane Harvey, which should soon lead to more crude oil processing. At 6:30 a.m. London time Tuesday, Brent oil was trading at $53.73 per barrel and U.S. crude was trading at $47.98 per barrel.

Hurricane Irma, one of the most powerful Atlantic hurricanes on record, was downgraded to a tropical storm early Monday after plowing across the Florida Keys and along the Gulf Coast.

Analysts have suggested that the economic impact of the storm may be slightly lower than previously anticipated.

In the U.K., British lawmakers took a significant step forward in the government’s Brexit plans Tuesday, voting in favour of a proposed timetable for debating legislation designed to sever political, financial and legal ties with the European Union.

Also on the agenda Tuesday, Norway will learn the results of its general election, and French workers will take to the streets of Paris in a day of strikes against President Emmanuel Macron’s labor reforms.

Source: CNBC