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Home / Business / European stocks climbed and Dow futures rose 400 points on US election day

European stocks climbed and Dow futures rose 400 points on US election day



Tom Tillotson took five ballots out of the ballot box to count at Hale House in historic Balsams Resort in the midnight vote as part of the first votes cast in the US Presidential Election in Dixville Notch, New Hampshire on 3 November 2020.

joseph prezioso / Agence France-Presse / Getty Images

European stocks rose for a third day on Monday, gaining points as US voters advanced to the votes to choose the leader of the world’s largest economy.

Up 1.6% on Monday, Stoxx Europe 600 SXXP,
+ 1.61%
1.6% increase.

DAX DAX of Germany,
+ 1.81%,
French CAC 40 PX1,
+ 2.05%,
and the UK’s FTSE 100 UKX,
+ 1.69%
each increased by more than 1%.

Futures based on the Dow Jones YM00 industrial average,
+ 1.47%
up 389 points, after rising 423 points for blue chip DJIA,
+ 1.59%
in Monday. Besides the electoral positioning, the polls on manufacturing from China, the euro zone and the US all exceeded expectations. The Reserve Bank of Australia cut interest rates and announced it bought $ 100 billion in bonds.

But the focus is on the election. Former Vice President Joe Biden leads the vote against President Donald Trump and the Democrats are expected to take control of the US Senate in a green wave. The traders will not only see who wins, but also see if the results are clear.

“Based on recent polls, we calculate there would be a need for a ‘day’ change seven times greater than what happened in favor of Donald Trump in 2016 for the president to get the same. popular vote rate as he did in 2016, ”London-based strategists at Credit Suisse, led by Andrew Garthwaite.

As for the markets, aside from an uncertain Republican sweep, the best result would be a Democrat sweep with 54 Democrats in the US Senate, so they can sort give up the code of galloping, the strategists said.

A Biden win over the Republican Senate could limit the second stimulus to $ 500 billion, they added.

Shares of BNP Paribas BNP,
+ 6.41%
7% increase as the French bank reported higher-than-expected third-quarter profit, with revenues, expenses and provisions all beating estimates.

BP BP,
+ 3.04%
and Royal Dutch Shell RDSA,
+ 2.01%
has gained status, with Shell upgraded to payload and BP upgraded to neutral by Morgan Stanley.

HelloFresh HFG,
-3.75%,
German ready-to-eat canned producer, down 4% after reporting a surge in third-quarter profits and sales. HelloFresh shares are up 143% this year.


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