Global stocks were broadly higher across the board on Monday as investors celebrated the imminent approval of Trump’s tax overhaul. U.S. stocks closed at record highs on Friday as news that Republicans holding out on approval gave their support.

U.S. futures looked set to continue the celebration on Monday in what will likely be a slow week as the Christmas holidays are just around the corner.

Elsewhere, European bourses shared the bullish feeling with the benchmark Euro Stoxx 50 rising around 1%, as revisions to euro zone inflation in November showed no changes made.

Earlier, Asian shares edged up on Monday, with sentiment boosted by expectations U.S. lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world's second largest economy.

The U.S. tax overhaul continues to be a major market focus with its final passage expected to happen this week.

On Friday, two wavering Republican senators through their weight behind the compromise bill, essentially cementing its approval. Both the House and the Senate are expected to pass the proposal by mid-week, paving the way for U.S. President Donald Trump’s signature.

Debate over the effectiveness of the measure still rages. While corporate and individual taxes are expected to initially fall, the congressional Joint Committee on Taxation calculated that the bill would increase federal deficits by $1.46 trillion over 10 years, before accounting for any economic growth that might result.

Economists have widely proclaimed that the tax cuts will not result in improvements to the economy based on their calculations that the bulk of the benefits will be for corporations and the wealthiest Americans.

However, Trump proclaimed that “tax cuts will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more jobs!”

The Chicago Mercantile Exchange (CME) launched its own Bitcoin Futures on Sunday following rival CBOE’s own version just a week earlier.

As the world’s largest exchange jumps into the mix, it’s thought that the CME launch could garnish even more interest for the underlying digital currency.

Starting Monday, the CME product will allow investor to make bets on whether they believe the price will rise or fall. The second U.S. bitcoin futures launch is seen as another step towards big institutional investors warming up to a volatile asset that had until recently been accessible only via largely unregulated markets.

Bitcoin continues to have its detractors after having skyrocketed more than 1,800% year-to-date. UBS chairman Axel Weber said Monday that the digital currency was neither “valuable or sustainable”.

“As soon as small investors invest, the regulators are required.... I would welcome an discussion with regulators about cryptocurrencies,” Weber told Swiss newspaper NZZ.

What kind of relationship does Britain want with the EU, its biggest export market?

Prime Minister Theresa May will discuss the vital question with cabinet members on Monday. There are two camps: Those who want to negotiate continued easy access to EU markets, and those who want to break free from EU regulation even if it means accepting new barriers to trade.

Both scenarios come with risks and consequences that are likely to upset factions within May's Conservative party.

The pound edged up to trade above $1.33.