European Shares Seen Higher After Biden’s Victory

European stocks are seen opening sharply higher on Monday as U.S.-election concerns faded and the latest data showed that China’s exports have stayed largely resilient amid the Covid-19 global pandemic.

Asian markets rallied as Democrat Joe Biden emerged the clear winner in the U.S. presidential race, securing more than the 270 electoral votes in an intense poll battle against incumbent Donald Trump.

In his first speech as president-elect, Biden vowed “not to divide but to unify” the country. As the global tally of people infected by the coronavirus shot past 50 million, Biden will name a team of advisers who will lead the country’s response to its disastrous outbreak. The number of cases in the U.S. is close to topping 10 million.

Meanwhile, China’s exports rose an annual 11.4 percent in October, up from 9.9 percent in the previous month and beating expectations for a 9.0 percent gain – according to official data released on Saturday.

Imports rose by a more modest 4.7 percent in the month, lifting the country’s trade surplus to $58.4 billion from $37 billion the previous month.

Oil prices rose more than 2 percent and gold firmed on a weaker dollar amid expectations that Biden may take a more proactive role in coming weeks in congressional negotiations over an economic stimulus package.

U.S. stocks ended narrowly mixed on Friday as investors priced in a Biden presidency as well as a divided Congress and data showed stronger than expected job growth in October.

The Dow Jones Industrial Average edged down 0.2 percent and the S&P 500 slid marginally as Biden moved closer to securing the 270 votes in the Electoral College and Trump claimed the election was being “stolen” from him. The tech-heavy Nasdaq Composite ended flat with a positive bias.

European markets ended Friday’s session mostly lower as investors reacted to American election results and rising coronavirus cases.

The pan European Stoxx 600 eased 0.2 percent. The German DAX shed 0.7 percent and France’s CAC 40 index dropped half a percent while the U.K.’s FTSE 100 inched up 0.1 percent.

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