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European stocks opened sharply higher on Monday as markets around the world post gains after Joe Biden’s victory in the US presidential election.
The pan-European Stoxx 600 climbed 1.6% at the start of trading, with autos climbing 2.3% to lead gains as all sectors and major stock markets entered positive territory.
European markets follow their global counterparts higher on Monday as investors react to Democrat Joe Biden’s defeat to incumbent President Donald Trump in the US presidential election, NBC projections show.
Asia-Pacific stocks made big gains on Monday and US stocks looked set to continue their big post-election rally as futures rose early in the morning.
Futures contracts on the Dow Jones Industrial Average rose 403 points, implying an opening gain of around 388 points on Monday. S&P 500 and Nasdaq 100 futures also traded in positive territory.
The former vice president won after his predicted victory in Pennsylvania and Nevada, according to NBC News projections on Saturday. The call came four days after election day and amid tight counts in several battlefield states.
Nonetheless, Trump refuses to concede the election, saying it is “far from over.” His team has launched lawsuits in several key states, including Pennsylvania and Michigan, and has signaled plans to push for recounts in some tight races.
Meanwhile, coronavirus infections continue to rise in the United States. The United States recently reported more than 126,000 new infections for two consecutive days. Worldwide, 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.
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