By Peter Nurse 

Investing.com – European stock markets are seen opening higher Monday, following the global trend, with investors sanguine about the economic recovery despite Friday’s disappointing U.S. employment report.

At 2:05 AM ET (0705 GMT), the contract in Germany traded 0.2% higher, in France climbed 0.3% and the contract in the U.K. rose 0.3%. 

Last week’s trading ended on an upbeat note on Wall Street, with the blue chip and the broad-based hitting all-time highs. This positive tone has largely continued in Asia, and Europe is expected to see the benefit Monday.

This comes despite U.S. data on Friday showing jobs growth unexpectedly slowed in April, as the disappointing release raised expectations that U.S. interest rates would remain low for some time to come..

Recent strong U.S. economic data had started to force investors to consider that the Federal Reserve would be pushed into raising interest rates earlier than the central bank had previously outlined.

That said, gains aren’t likely to be substantial after the European Central Bank’s chief economist stated that the road to recovery from the coronavirus would be long for the Eurozone. 

Philip Lane told French newspaper Le Monde that the unemployment rate in the bloc wouldn’t return to its 2019 level before 2023, while the Eurozone’s gross domestic product will not return to its 2019 level before spring next year.

Elsewhere, oil prices strengthened and gasoline futures hit a near three-year high after a cyber attack on a U.S. pipeline operator resulted in a major disruption to U.S. supplies.

futures traded 0.7% higher at $65.37 a barrel, the contract rose 0.8% to $68.80, while gasoline futures on the New York Mercantile Exchange rose 1.7% to $2.1629 a gallon, climbing to the highest level since May 2018 before paring gains.

The caused Colonial Pipeline, which provides nearly half of the U.S. east coast’s fuel supply, to shut down its entire system on Friday. Some smaller lines were restarted Sunday, but uncertainty remains over when its main pipelines can resume working.

Back in Europe, the earnings season has slowed a little, although AngloGold Ashanti (JO:) Monday reported an improved profit for the first quarter of the year with higher prices compensating for lower gold production and sales.

Stock exchange operator Euronext (PA:) is also expected to release an update Monday.

Additionally, rose 0.4% to $1,838.55/oz, while traded 0.1% lower at 1.2152.