European markets head for higher open ahead of U.S. election

  • London's FTSE is seen opening 47 points higher at 5,703, Germany's DAX 102 points higher at 11,881, France's CAC 40  up 42 points at 4,728 and Italy's FTSE MIB 170 points higher at 18,491, according to IG.

LONDON — European stocks are expected to open higher Tuesday ahead of the U.S. presidential election between incumbent President Donald Trump and former Vice President Joe Biden.

London's FTSE is seen opening 47 points higher at 5,703, Germany's DAX 102 points higher at 11,881, France's CAC 40  up 42 points at 4,728 and Italy's FTSE MIB 170 points higher at 18,491, according to IG.

European stocks are following a trend of positive sentiment seen elsewhere Tuesday. Overnight in the Asia-Pacific region, stocks were trading higher, and U.S. stock futures rose in overnight trading as investors waited for Tuesday's vote. Dow futures rose 214 points. S&P 500 futures and Nasdaq 100 futures also traded in positive territory.

Heading into Tuesday, Joe Biden holds a lead in national polling over President Donald Trump. The former vice president earned 52% of support from registered voters compared to 42% for the president, according to a NBC News/Wall Street Journal poll from Sunday. In swing states, where the election will be decided, polling averages are tighter than the national polls.

A full day before Election Day, more than 94 million votes have already been cast in the U.S, already exceeding or nearing total levels in 2016, according to the U.S. Elections Project.

Earnings to watch out for come from Bayer, AB Foods, BNP Paribas and Saudi Aramco on Tuesday, while on the data front, Spain's new car registration data for October is released, as well as Ireland unemployment figures for October.

– CNBC's Maggie Fitzgerald contributed reporting to this story.

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