European stocks are expected to open higher on Monday morning, with sentiment lifted by heightened expectations that U.S. lawmakers could pass a long-awaited tax bill.

The FTSE 100 is poised to open up by around 14 points at 7,497; the DAX is seen 76 points higher at 13,181 and the CAC 40 is set to open 31 points higher at 5,382, according to IG.

Global markets have rallied this year, largely on the back of optimism regarding U.S. tax cuts. The overhaul is seen boosting corporate profits, triggering share buybacks and resulting in higher dividend payouts — all to the benefit of shareholders. A vote on the legislation is scheduled for later this week.

Meanwhile, the launch of bitcoin futures on the CME exchange Monday emboldened expectations that the digital currency’s runaway rally in the cash market could continue. The world’s most popular cryptocurrency was trading at around $18,945 on Monday morning, according to Coindesk’s bitcoin price index. It had climbed to fresh record highs of $19,666 on Sunday.

In commodities, oil prices were slightly higher on Monday morning, supported by an ongoing North Sea pipeline outage and prolonged OPEC-led production cuts. Brent crude traded at around $63.50 a barrel on, up 0.43 percent, while U.S. crude was seen at $57.58 a barrel, up 0.49 percent.