BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks look set to open higher on Tuesday after U.S. President Donald Trump gave the head of the General Services Administration the go-ahead to proceed with a transition for Biden's administration.
Investors also cheered news that Joe Biden plans to nominate former Federal Reserve chair Janet Yellen to serve as his Treasury secretary, a pivotal role in which she would help shape and direct his economic policies.
Asian stocks outside China moved higher, with the easing of concerns over Biden's transition and upbeat developments concerning Covid-19 vaccines boosting sentiment.
Riskier currencies remain supported and oil held near three-month highs, while gold prices dipped in Asian trade.
Business confidence survey results and revised quarterly national accounts from Germany are due later in the session, headlining a light day for the European economic news.
Across the Atlantic, trading may be impacted by reaction to the latest coronavirus-related news along with reports on home prices and consumer confidence.
Overnight, U.S. stocks rose as more positive news on a coronavirus vaccine emerged and BlackRock upgraded U.S. equities to overweight.
The Dow Jones Industrial Average climbed 1.1 percent, the tech-heavy Nasdaq Composite edged up 0.2 percent and the S&P 500 gained 0.6 percent.
European stocks gave up early gains to end slightly lower on Monday after data signaled that the euro area is slipping into another contraction.
The pan European Stoxx 600 shed 0.2 percent. The German DAX and France's CAC 40 index both slipped 0.1 percent while the U.K.'s FTSE 100 eased 0.3 percent.
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