After an unusually strong October, equity markets are set for a positive open. Wall Street futures are up and so are the European bourses. The Toronto market gained 4.7% in October, while the Dow Jones industrials average rose 5.7% and the Nasdaq composite index edged forward by 8.2%.

At the end of last week, the U.S. government reported that consumers kept a tighter grip on spending in September, trimming by 0.3%. But on Wall Street investors took heart at the end of last week from the University of Michigan consumer sentiment index, which rose to 89.6 — better than expected. Recent merger news, including Bank of America Corp.’s planned purchase of FleetBoston Financial Inc., has given investors more confidence in the business climate.

This week begins with a fiscal update by Finance Minister John Manley at 10:30 Et today. On Friday the latest unemployment numbers will be released.

In Washington, today, the U.S. Commerce Department is reporting on construction spending for September. The Institute of Supply Management is releasing its manufacturing index report for October later this morning.

In London at midday, the FTSE 100 index is up 0.94%. Frankfurt’s DAX gained 1.64% and Paris’s CAC 40 climbed 1.41%.

In Hong Kong stocks rose to a 27-month high. The Hang Seng index rose 196.71 points, or 1.6%, to 12,386.81. Monday’s rally was led by gains in the banking and telecommunications sectors, brokers said.

Japan’s financial markets were closed for a national holiday.

On Friday, the Toronto Stock Exchange completed a five-day winning streak. Investors ignored bad news about the Canadian gross domestic product shrinking in August. Toronto’s S&P/TSX composite index rose 33.29 points to 7,772.7, bringing its five-session gain to 158 points or 2.1%.