Economic calendar: Biden drops his bid for re-election

• Futures point to a higher opening in Europe's first cash session this week 
• Biden resigned to run for US presidential election
• Empty calendar on the first day of the week

Futures point to a higher opening for this week's first cash session in Europe. This comes after a down session on Friday, where Wall Street recorded a relatively large pullback. Over the weekend, investors reacted to Biden's decision to step down as the Democratic Party's nominee for President of the United States. Anonymous sources say that all 50 Democratic US state chairmen will now support Kamala Harris.

The People's Bank of China has cut interest rates to stimulate the Chinese economy. This is the first reduction since August 2023. One-year as well as 5-year lending rates were cut by 10 basis points. Moreover, the 7-day repo rate was also cut by 10 bps, as well as the collateral for medium-term borrowing (MLF).

The calendar itself for today's session contains no key data for the broad market. 

• 3:30 p.m. BST - Dallas FED regional index for manufacturing. Previous value: -15.1.
• Verizon Communications will present its quarterly results today before the start of the Wall Street session.