European stocks opened strong on Monday as markets around the world rallied after Joe Biden’s US presidential election victory.
The European-wide Stoxx 600 index rose 1.6% at the start of trading, with cars rising 2.3% to lead gains as all major industries and exchanges entered the positive territory.
European markets are watching their global partners higher on Monday as investors react to Democrat Joe Biden beating incumbent Donald Trump in the US presidential race, according to predictions by NBC.
Asia-Pacific stocks rallied on Monday and US equities are likely to continue their massive post-election rally as futures rise in early morning trading.
Dow Jones industrial average futures rose 403 points, implying a gain to open around 388 points on Monday. Futures on the S&P 500 and Nasdaq 100 are also trading in positive territory.
The former vice president won out after his expected win in Pennsylvania as well as Nevada, as predicted by NBC News on Saturday. The call came four days after Election Day and amid the most recent numbers in several battlefield states.
However, Trump refused to admit the election, claiming that it was “far from over.” His team has brought lawsuits in several key states, including Pennsylvania and Michigan, and has signaled that they plan to promote recounting in some of the near races.
Meanwhile, coronavirus infection continues to increase. Recently, the United States reported more than 126,000 new infections for two consecutive days. Globally, the number of coronavirus infections crossed the 50 million mark on Sunday, according to Reuters.
CNBC’s Eustance Huang and Yun Li contributed to this market report.