European markets climb in reaction to Biden’s presidential win

European markets are tracking their global counterparts higher Monday as investors react to Democrat Joe Biden’s defeat of incumbent Donald Trump in the U.S. presidential race, according to NBC projections.

European stocks rallied on Monday as markets around the world make gains following Joe Biden’s U.S. presidential election win.

The pan-European Stoxx 600 climbed 1.5% in early trade, with travel and leisure stocks adding 2.9% to lead gains as all sectors and major bourses traded in positive territory.

European markets are tracking their global counterparts higher Monday as investors react to Democrat Joe Biden’s defeat of incumbent Donald Trump in the U.S. presidential race, according to NBC projections.

Stocks in Asia-Pacific made large gains Monday and U.S. stocks looked set to continue their big post-election rally as futures rose in early morning trade.

Futures on the Dow Jones Industrial Average rose sharply in pre-market trade stateside, while S&P 500 futures and Nasdaq 100 futures also traded in positive territory.

The former vice president sealed the race after his projected victory in Pennsylvania as well as Nevada, according to NBC News projections on Saturday. The call came four days after Election Day and amid close counts in several battleground states.

Nonetheless, Trump is refusing to concede the election, claiming it’s “far from over.” His team has launched lawsuits in multiple key states, including Pennsylvania and Michigan, and have signaled they plan to press for recounts in some close races.

Meanwhile, coronavirus infections continue to surge stateside. The U.S. recently reported more than 126,000 new infections for two days in a row. Globally, the number of coronavirus infections crossed the 50 million mark on Sunday, according to Reuters.

In terms of individual share price action, British housebuilder Taylor Wimpey jumped more than 11% in early trade after a positive trading update, which led Credit Suisse to increase its price target for the stock.

Source: CNBC