UPDATE 7:51 a.m. EST — In the U.S., stock futures opened broadly lower as investors keenly awaited the release of key economic data, including a monetary policy meeting of the U.S. Federal Reserve.

While investors do not expect the Fed to raise interest rates at the two-day meeting, which begins Tuesday, they will be looking out for the central bank's comments on the economy and hints for future rate hikes.

European markets rose in morning trade Monday with shares in Germany leading the region. The DAX was up 1.58 percent while France's CAC 40 was up 0.56 percent and London's FTSE 100 was trading 0.49 percent higher. The pan-European Stoxx 600 was 2.63 percent higher.

Original story:

Asian markets rose sharply Monday, buoyed by a rally in the U.S. and European markets last week as well as signs of strength in economic data released by China over the weekend.

Investors are expected to tread with caution ahead of a policy meeting by the Bank of Japan on Tuesday, the U.S. Federal Reserve on Wednesday and the Bank of England on Thursday.

“Investors seemed more confident that there is little chance of a March Fed [U.S. Federal Reserve] hike this week, but they are anticipating some sort of guidance at the press conference,” Bernard Aw, market strategist at IG in Singapore, told the Guardian.

Shares in China were the biggest gainers in the region. Shanghai Composite index was up 1.75 percent while the Shenzhen Composite Index gained 3.56 percent. China’s Nasdaq-style ChiNext Index was up 4.56 percent. Hong Kong’s Hang Seng index closed 1.12 percent higher.

In Japan, the Nikkei 225 jumped by 1.74 percent to close at a one-week high.

Elsewhere in Asia, India’s S&P BSE Sensex was up 0.27 percent while South Korea’s Kospi index was up 0.04 percent Monday.

European markets started the day broadly higher. The DAX was up 1.73 percent while France's CAC 40 was up 0.79 percent and London's FTSE 100 was up 0.60 percent. The pan-European Stoxx 600 was up 0.78 percent.