European bourses were slightly higher on Monday morning as political uncertainty dominated and traders geared up for a likely rate hike by the U.S. Federal Reserve.

The pan-European Stoxx 600 was 0.14 percent higher. Basic Resources stocks led the gains, up by 2.5 percent, but telecoms moved slightly lower.

Shares of Amec Foster jumped 15.3 percent in mid-morning deals after reaching a deal with John Wood Group totalling £2.23 billion. Shares of the latter climbed 5.2 percent as a result.

Reports that U.K. housebuilder Bovis Group received a merger proposal from Galliford Try has sent shares in the sector up in early deals but they have dropped slightly since then. Shares of Bovis rose more than 8 percent while Bellway went up 0.7 percent and Taylor Wimpey rose 0.8 percent.

Meanwhile, the food business Aryzta dropped nearly 7 percent on Monday after posting an underlying net profit down by 22.4 percent.

Fed, Brexit, oil prices

Investors believe that the U.S. Federal Reserve will raise interest rates when its members gather this Wednesday, this follows a strong U.S. jobs report on Friday.

Meanwhile, investors will be focused on several political events in Europe this week. The U.K. could press the start button on Brexit negotiations, after a vote in the Houses of Commons and Lords. Prime Minister Theresa May has previously stated that she would begin talks with the EU by the end of March.

Elsewhere, Dutch voters will choose their next government on Wednesday amid rising anti-EU sentiment. The election is setting the scene for several votes taking place in Europe later this year.

German Chancellor Angela Merkel is travelling to the U.S. on Monday. Meanwhile data released in Italy showed a contraction in industrial output of 2.3 percent on the month in January – a greater fall than analysts had projected. Also on the calendar, President Mario Draghi of the European Central Bank is speaking at an event at 1.30 p.m. London time.

In commodity markets, oil prices continued to fall on Monday after hitting a three-month low last week.

Weatherford International plc (WFT) ended last trading session with a change of 2.52 percent. It trades at an average volume of 23.8M shares versus 25.05M shares recorded at the end of last trading session. The share price of $6.51 is at a distance of 74.53 percent from its 52-week low and down -23.32 percent versus its peak. The company has a market cap of $6.24B and currently has 959.22M shares outstanding. The share price is currently 9.38 percent versus its SMA20, 15.12 percent versus its SMA50, and 16.39 percent versus its SMA200. The stock has a weekly performance of 12.63 percent and is 30.46 percent year-to-date as of the recent close.

Transocean Ltd. (RIG) recently recorded 2.25 percent change and currently at $12.26 is 47 percent away from its 52-week low and down -26.41 percent versus its peak. It has a past 5-day performance of -9.39 percent and trades at an average volume of 12.58M shares. The stock has a 1-month performance of -8.23 percent and is -16.82 percent year-to-date as of the recent close. There were about 381.02M shares outstanding which made its market cap $4.67B. The share price is currently -8.42 percent versus its SMA20, -14.05 percent versus its SMA50, and 3.52 percent versus its SMA200.