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Monday Morning Market Roundup: How's This Week Shaping Up?

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Here’s what’s shaking:

Stocks:

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U.S. stock futures are rising sharply and major U.S. averages could hit new highs following a twist in the race for the top job at the Federal Reserve.

Dow Jones industrial futures are up 162 points to 15,473. S&P futures have gained 18 points to 1,700. Nasdaq futures are up 32.5 points to 3,204.

In Europe, the FTSE 100 index of leading British shares was up 0.7 percent at 6,629 while Germany's DAX rose 1.1 percent to 8,603. The CAC-40 in France was 0.8 percent higher at 4,147.

Earlier, in Asia, Hong Kong's Hang Seng rose 1.5 percent to 23,252.41. South Korea's Kospi advanced 1 percent to 2,013.37. Australia's S&P/ASX 200 gained 0.5 percent to 5,248. Benchmarks in Indonesia and the Philippines rose 2.6 percent and 2.8 percent respectively. Those in India and Shanghai fell. Markets in Japan were closed for a public holiday.

The U.S. releases industrial production numbers Monday.

Oil:

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The price of oil fell below $107 a barrel on Monday in reaction to the agreement reached between the U.S. and Russia on getting Syria to give up its chemical weapons.

By early afternoon in Europe, the benchmark oil contract for October delivery was down $1.52 to $106.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents on Friday.

The November Brent contract, the benchmark for international crudes, fell $2.02 to $109.68 a barrel on the ICE Futures exchange in London.

Brent prices received some support from Libya's continued complications in its oil industry, including production snags and labor conflicts at export terminals.

Markets:

Follow Becket Adams (@BecketAdams) on Twitter

The Associated Press contributed to this report.

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