European Stocks Set to Tick Higher; UK and U.S. Markets Closed

European markets are expected to tick higher Monday as traders search for direction on what’s likely to be a quiet day for markets.

U.K. markets are closed for the late May bank holiday, while stateside, U.S. markets are also closed for Memorial Day.

It follows a week that was once again dominated by speculation over when interest rates around the world might start to come down.

A number of strong economic and labor data releases in the U.S. last week saw Goldman Sachs push its forecast for the Federal Reserve’s first rate cut back to September from July.

Elsewhere, the EU Foreign Affairs Council will meet Monday to discuss issues including the ongoing Russian-Ukraine war and tensions in the Middle East. And French President Emmanuel Macron will continue his state visit to Germany.

There are no major earnings or data releases due Monday. Later in the week, traders will be eyeing euro zone inflation figures for May due on Friday.

In the Asia-Pacific region, markets were higher as industrial profits in China rose during the first four months of the year, according to official data.

China’s industrial profits rose 4.3% year on year in the January to April period, data from the National Bureau of Statistics showed.