(RTTNews) - The major European index futures are pointing towards a higher opening for the markets on Monday. A joint announcement from the U.S. and European Union leaders that they will host a summit of Group of Eight and other major economies on the global financial crisis may boost investor sentiment. However, global cues are mixed, as U.S. stocks finished Friday’s volatile session lower, while the Asian markets are trading mostly higher on Monday on bargain hunting. Oil continued to rise on Monday in Asian trading on speculation that OPEC might announce production cuts to shore up falling oil prices.

The Brent North Sea crude December futures were quoted at $70.55 a barrel, up $0.95, by 11:25 p.m. ET. In London, December Brent crude gained $3.28, to settle at $69.60 a barrel on the ICE Futures exchange on Friday.

On Friday, U.S. stocks finished lower, as traders weighed some weaker-than-expected economic data against better-than-expected earnings from some big name companies. The Dow closed down 127 points or 1.4% at 8,852, the Nasdaq closed down 6 points or 0.4% at 1,711, and the S&P 500 closed down nearly 6 points or 0.6% at 940.

In the Asia-Pacific region Friday, Japan’s Nikkei 225 index is gaining 2.5%, Hong Kong’s Hang Seng is advancing 3.8%, Australia’s All Ordinaries index is up 3.4%, and South Korea’s KOSPI is climbing 1.5%. On the other hand, China’s Shanghai Composite index is down 0.78%.

The major economic report scheduled for release in Europe is the German producer prices index. In the U.S., traders may focus on Federal Reserve Chairman Ben Bernanke’s testimony on economy at the House budget committee.

The European markets rose for the first time in three days on Friday, boosted by a rally in heavily weighted energy stocks after crude oil prices rebounded from a 13-month low. The FTSEurofirst 300 index of pan-European blue chips gained 4.2% to 894.8 and the narrower DJ Stoxx 50 index climbed 6.0% to 2,266.1. In Europe, the U.K.’s FTSE 100 index surged up 5.2% to 4,063.0, France’s CAC 40 index advanced 4.7% to 3,329.9, and Germany’s DAX index rose 3.4% to 4,781.3.

On the currency front, the euro strengthened slightly against the currencies of the US, the UK and Japan. Currently, the euro is worth 137.20 against the yen, 1.3475 against the dollar and 0.7779 against the pound. On Friday, the euro finished the European session at 136.49 yen, $1.3450 and 0.7770 pound.

In Europe, Banco Bilbao Vizcaya Argentaria may react to reports that Spain’s second-biggest bank will double its stake in China’s Citic Group. European Aeronautic, Defence & Space, the owner of 46.3% of Dassault Aviation, may move on the back of a report that it has disagreed with Dassault Aviation’s interest in bidding for Alcatel Lucent’s stake in Thales.

Eni is likely to rise after Libya bought EUR 50 million worth of shares in Italy’s biggest oil company. Libyan central bank governor Farhat Bengdara has also reportedly told that Libya may buy more shares for purely financial reasons. Faurecia, Novartis, Kuehne & Nagel International, and Fiat are likely to see some action, as the companies are scheduled to report their third-quarter results.

ING Groep is likely to rise on news that the biggest Dutch financial-services firm will get a EUR 10 billion lifeline from the Netherlands. Meanwhile, the company has also agreed to sell its Taiwanese life insurance unit for $600 million to Taipei-based Fubon Financial Holding. JJB Sports may react to a report in the Telegraph that the company might consider selling its chain of fitness clubs worth 100 million pounds.

Royal Bank of Scotland Group is likely to react to a Sunday Times report the U.K.-based bank might receive a joint bid for 51% of its insurance assets from CVC Capital Partners and Swiss Reinsurance. UBS may rise after chief executive officer Marcel Rohner said that the government’s rescue plan has removed the main cause of the largest Swiss bank’s problems.

UniCredit is likely to gain following a report that Libya is planning to increase its stake in Italy’s biggest bank by assets to 5%. The Libyan investors may also seek a board seat and the position of vice chairman for their representative. Wacker Chemie may rise after the maker of consumer chemicals and wafers used in microchips revealed plans to spend EUR 760 million to build a new silicon-production facility.

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