This is CNBC's live blog covering European markets.

Sterling higher, UK stocks to open in green as U.S. trade deal comes into effect

The British pound, which last week hit an almost four-year high against the U.S. dollar, is up 0.1% against the greenback at 7:39 a.m. in London to around $1.373. Futures data meanwhile points to higher opens for both the FTSE 100 and the broader FTSE 250.

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GBP/USD.

Monday marks the start of the trade deal between the U.K. and U.S. which was brokered last month. Key details include British car export tariffs being reduced from 27.5% to 10%, along with duties on aerospace goods such as engines and aircraft parts being slashed to zero.

The U.K. has still been left with a baseline 10% tariff and an outlined agreement that will put zero tariffs on core steel products has not been finalized.

The U.K.'s statistics agency meanwhile on Monday confirmed that economic growth for the first quarter of 2025 was 0.7%, in line with its previous estimate.

— Jenni Reid

Here are the opening calls

The London skyline on Sept. 15, 2023.

Yui Mok - Pa Images | Pa Images | Getty Images

Welcome to CNBC's live blog covering all the action in European financial markets on Monday, and the latest regional and global business news, data and earnings.

Futures data from IG suggests a positive start for European markets, with London's FTSE looking set to open unchanged at 8,794, Germany's DAX up 0.3% at 24,104, France's CAC 40 up 0.3% at 7,709 and Italy's FTSE MIB up 0.2% at 39,911.

The positive start for Europe comes after similar sentiment in Asia-Pacific markets overnight, as investors parsed details on trade negotiations and data points, including Japan's industrial output figures for May and China's manufacturing activity for June.

Meanwhile, U.S. stock futures rose early Monday as investors look to cap an exuberant month for stocks, despite uncertainty over global trade negotiations.

— Holly Ellyatt

What to watch for today

Market watchers in Europe will be looking at the latest inflation data out of Italy and Germany on Monday, as well as German retail sales, for signs of inflationary pressures and a hit to consumer confidence.

Traders will also be digesting data out of China earlier that showed manufacturing activity contracted for a third straight month in June, despite Beijing's stimulus efforts helping to stabilize certain aspects of the industrial sector.

— Holly Ellyatt