Stocks set for higher open

European markets are expected to follow their Asian counterparts higher on Monday, despite weak trade data out of China.

London's FTSE 100 is seen up 78 points at 5,785, Germany's DAX is called 116 points higher at 9,083, while the French CAC 40 is expected to open up 51 points to the good at 4,046.

The positive opening calls come despite data out of China showing exports fell 11.2 percent in January from a year earlier, marking the seventh straight month of decline, while imports slumped 18.8 percent.

Asian stocks rallied with Japan's Nikkei up 7.1 percent Monday, clocking its biggest percentage gain since September. However, China's Shenzhen Composite and Shanghai Composite were slightly lower. People's Bank of China (PBOC) governor Zhou Xiaochuan told Caixin financial magazine over the weekend, that he saw no basis for a continuing the depreciation of the yuan. He also dismissed speculation that Beijing would tighten capital controls to stem the surging capital outflows from the mainland.

In business news, global banking giant HSBC decided to keep its headquarters in the U.K., after considering Hong Kong as its new based, in the face of a referendum that could see Britain leave the European Union.

Elsewhere, French weekly Le Journal du Dimanche reported that telecoms group Orange could present a takeover of rival Bouygues as early as Tuesday.

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