European markets set to kick off November trading on a positive note

  • European stocks are expected to start the week on a positive note.
  • The U.K.'s FTSE index is seen opening 15 points higher at 7,261, Germany's DAX 69 points higher at 15,750, France's CAC 40 up 44 points at 6,868 and Italy's FTSE MIB 133 points higher at 26,842, according to IG data.

European stocks are expected to start the new trading week on a positive note Monday with investors watching for developments in high-stakes meetings of global leaders.

The U.K.'s FTSE index is seen opening 15 points higher at 7,261, Germany's DAX 69 points higher at 15,750, France's CAC 40 up 44 points at 6,868 and Italy's FTSE MIB 133 points higher at 26,842, according to IG data.

The positive start seen for Europe comes after more mixed trade in Asia-Pacific markets overnight as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.

China's official manufacturing Purchasing Managers' Index for October came in at 49.2 over the weekend, below the 50 level separating expansion from contraction. It represented the second-straight month of shrinking manufacturing activity in the country, following September's official manufacturing PMI reading of 49.6.

Elsewhere, Japanese stocks led gains regionally after the country's ruling Liberal Democratic Party held on to its single-party majority in a Sunday parliamentary election.

Meanwhile, U.S. stock futures rose slightly in overnight trading on Sunday as investors readied for the first trading week of November. Market participants are gearing up for another week of corporate earnings, a key Federal Reserve meeting on Wednesday and October's jobs report.

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European markets will be closely following developments at the COP26 climate summit in Glasgow, which began on Sunday. The UN summit is widely seen as a make-or-break moment for global leaders to take decisive action to limit carbon emissions but hopes are not high for ambitious targets.

Read more: What’s at stake at the COP26 climate summit? Here’s a guide to the make-or-break issues

Over the weekend, the Group of 20 leaders meeting in Rome saw officials struggle to overcome differences on how to tackle climate change and to reduce carbon emissions.

Earnings come from Ryanair on Monday and data releases include Russia's latest manufacturing purchasing manager's index data for October and German retail sales for September.

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—CNBC's Eustance Huang and Maggie Fitzgerald contributed to this market report.

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