European markets set to rise with global sentiment remaining stable after U.S. jobs data

LONDON — European markets are set to advance Monday as traders continue to assess the possibility of rate cuts after softer-than-expected U.S. jobs data.

The French CAC 40 was set to open 50 points higher at 8,239 points, German DAX was expected to jump 60 points to 18,050. The U.K.'s FTSE 100 was closed Monday for a public holiday.

Friday's U.S. nonfarm payrolls report showed 175,000 jobs were added in April, below the 240,000 jobs expected by economists surveyed by Dow Jones.

The unemployment rate edged up to 3.9% from 3.8% in the prior month, according to the Bureau of Labor Statistics. Wage figures also came in lower than expected, an encouraging sign for inflation.

In Europe Monday, there will be a S&P composite final purchasing managers' index for the euro zone released at 9 a.m. London time. Chinese President Xi Jinping will visit France, with President Macron hosting Xi in Paris.

Trading volumes were expected to be light, with the U.K. and Irish indexes not trading on Monday.

— CNBC's Samantha Subin and Pia Singh contributed to this report.