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Catalonia independence impacts Spanish stocks

European stocks are set to start the first trading day of the month on a higher footing as investors follow the positive momentum coming from Asia and wait for fresh data releases.

The FTSE 100 is set to open 11 points higher at 7,376; the DAX 30 is seen up by 80 points at 12,885 and the CAC 40 is expected to start up by 26 points at 5,340.

Market sentiment is set to take cues from Asian markets, where improved business confidence among manufacturers boosted stocks.

The euro dropped about a third of a cent against the U.S. dollar during Asian trading as investors worried about an independence vote in Catalonia, Spain. Spanish stocks are also set to see sharp falls when trading begins on Monday morning. The regional government said that 90 percent of people voted in favor of independence, but the national authorities said the referendum was illegal. Catalan officials said that more than 800 people were injured during clashes with the police, which tried to prevent people from voting.

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