BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks look set to open higher on Tuesday after the French election result sparked a relief rally across global markets.
The euro eased somewhat after briefly hitting a five-month high against the dollar on Monday, while the Canadian dollar fell as the Trump administration announced plans to impose tariffs on Canadian softwood lumber imports.
Safe-haven assets such as the yen and gold remained under selling pressure, but oil prices edged up after six consecutive sessions of losses.
Asian stocks are mostly higher amid thin volumes as Australian and New Zealand markets remain closed for the Anzac Day holiday.
Chinese shares also stabilized after sharp losses the previous day on concerns over increased regulatory scrutiny and a crackdown on leveraged trading.
As political risk in France fades, investors now wait for U.S President Donald Trump to release details about his plan to overhaul the tax code on Wednesday.
The Bank of Japan's monetary policy meeting is scheduled to be held on April 27, with most economists expecting the central bank to leave its policy unchanged. Similarly, no changes to interest rates or asset purchases is expected at Thursday's ECB meeting.
Overnight, U.S. stocks surged as market favorite Emmanuel Macron emerged on top in the first round of the French presidential election. The Dow and the S&P 500 climbed around 1.1 percent, while the Nasdaq Composite added 1.2 percent.
Banks led European markets higher on Monday amid bets that pro-EU Macron will emerge victorious over his far-right rival Le Pen in the final round of the presidential election on May 7.
The pan-European Stoxx Europe 600 index advanced 2.1 percent. The German DAX rallied 3.4 percent, France's CAC 40 index soared 4.1 percent and the U.K.'s FTSE 100 added 2.1 percent.
Copyright RTT News/dpa-AFX