US futures rise sharply as tax plan optimism boosts sentiment

Global Stock Markets

Expectations that the tax bill will be approved has boosted markets both Stateside and in other regions. Data and earnings will also be of key importance.

U.S. stock index futures are set for a strong positive open on Monday, on the back of optimism surrounding an overhaul of the U.S. tax system.

In markets overseas, stocks traded sharply higher during each of their Monday sessions. Investor sentiment was lifted on growing confidence that a U.S. tax cut plan is nearing approval.

On Friday, Republicans released their final proposal to overhaul the American tax system, which would slash corporation taxes, while trimming rates for individuals and modify tax deductions. The House and Senate GOP are looking to pass the measure this week.

Expectations that the tax bill will be approved boosted U.S. stocks on Friday, with markets closing higher, while markets overseas rallied on Monday — leading Dow Jones industrial average futures to leap more than 100 points in premarket trading in New York.

Another area that's shaking up market sentiment is the moves in bitcoin. On Sunday the world's largest futures exchange, CME, launched its own bitcoin futures contract, using the ticker "BTC."