European markets set to start the week on a positive note - CNBC

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LONDON — European stocks were cautiously higher on Monday, shrugging off concerns over Covid-19 restriction measures on the continent.

The pan-European Stoxx 600 added 0.3% in early trade, with telecoms climbing 1.1% to lead gains as almost all sectors and major bourses entered positive territory.

The positive start for European markets echoes buoyant sentiment elsewhere; U.S. stock futures rose slightly in overnight trading on Sunday ahead of the holiday-shortened week stateside. U.S. markets will be closed on Thursday on Thanksgiving Day and the stock market closes early at 1 p.m. ET on Friday.

Stocks have a track record of posting gains in Thanksgiving week, which will potentially set the stage for a year-end Santa rally.

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European investors will be keeping an eye on the spread of Covid-19 across the continent after Germany and Austria re-imposed strict containment measures last week.

Another big market-moving event this week will be President Joe Biden's nomination for the next Federal Reserve chief.

Biden is expected to announce his pick in the coming days, with current chairman Jerome Powell and Governor Lael Brainard considered the most likely candidates. Many expect a more dovish central bank if Brainard prevails, meaning it would take longer to tighten policies including raising interest rates.

Meanwhile, shares in Asia-Pacific were mixed in Monday trade as China kept its benchmark lending rate unchanged.

Julius Baer released its latest earnings before the bell, and data due on Monday includes the latest flash euro zone consumer confidence reading for November.

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- CNBC's Yun Li contributed to this market report.

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European markets set to start the week on a positive note - CNBC
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