LONDON — European stocks look set to start the week higher as attention shifts from the omicron Covid variant to monetary policy decisions by some of the world’s largest central banks.

According to IG, the U.K.’s FTSE opens 21 points higher than at 7,319 and Germany’s DAX rises 71 points to 15,702, while France’s CAC will open 31 points above at 7,023, according IG.

The U.S. Federal Reserve as well the Bank of Japan and Bank of England are all expected to take decisions during this important week of monetary policy.

The announcement comes amid growing attention on inflation and how central banks will respond. U.S. inflation came in at its fastest pace since 1982, but markets managed to shake it off with the S&P 500 clocking up its best week since February.

In his morning note Monday, Societe Generale Global Chief Economist Klaus Baader referred to a heavy central banks’ agenda this week.

He anticipates “accelerated tapering, signals for an earlier Fed rate increase” and the “intention of putting the PEPP [pandemic emergency purchase program]The ECB has placed the ECB on “hold.” He believes that the BoE will “reluctantly”, maintain its position, and the Bank of Japan will keep its accommodative attitude.

Stock futures in the United States are trading slightly higherIt was Monday morning Meanwhile in Asia, markets jumpedtraders overcame their fears regarding the transmission and severity of this new variant of the omicron Covid.

Sunday in the U.K. raised its Covid threat levelBoris Johnson, Prime Minister of England, warned of an “omicron tsunami” that could result in a surge of Covid cases. All adults living in England will now be eligible for booster jabs starting this week.

Johnson stated that it was now evident that only two doses are sufficient to provide the protection needed. Our scientists believe that a third dose of vaccine, called a booster, can be used to increase our protection.

The data scene in Europe will see investors closely following the Bank of England’s financial stability report as well as the U.K. stress testing results. Andrew Bailey, Bank Chief is scheduled to host a press conference in London at 5:05 p.m.

The OPEC Group of oil majors will publish their closely monitored monthly oil market report. Oil prices rose on MondayThere are growing expectations that the omicron will have a less devastating impact than originally feared, and that demand will continue to be strong.

Individual stock actions are the most important. Credit SuisseAn overhaul was announced by the executive board on Monday.

Meanwhile, Santander was ordered on Friday to pay Andrea Orcel 68 million eurosResigning from the CEO position at $76.32 Million

— CNBC’s Saheli Roy Choudhury contributed to this report.