European Stock Markets Trade Higher To Start May

European stocks are trending higher on the first trading day of May.

Germany’s DAX stock exchange and France’s CAC 40 were trading 0.8% and 0.6% higher, respectively, while Italy’s FTSE MIB was up 0.8%. The United Kingdom’s stock market was closed for a public holiday on May 3.

Shares of German airline Lufthansa jumped 3.4% to the top of the Stoxx 600 after the German carrier said it will offer flights to more than 100 holiday destinations. Meanwhile, shares of Siemens rose 1.2% after the German technology company raised its full-year sales and profit forecast.

On the data front, German retail sales posted their biggest year-over-year increase in March since the start of the COVID-19 pandemic.

The buoyant start to the trading day in Europe follows a similarly positive trend elsewhere, with U.S. stock futures moving higher in overnight trading as investors readied for the first trading day of May.

The S&P 500 recorded its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the global pandemic.

Investors will also be monitoring the next batch of corporate earnings stateside, and data releases that include U.S. manufacturing data for April.

Meanwhile, stocks in Asia-Pacific slipped in Monday trading, with major markets in China, Thailand and Japan closed for public holidays. Investors in Asia-Pacific continue to monitor the COVID-19 situation in India as the country continues to battle a deadly second wave of infections.

Over the weekend, more than 400,000 daily new cases were registered for the first time throughout India.