UK Markets closed
  • NIKKEI 225

    23,516.59
    +42.29 (+0.18%)
     
  • HANG SENG

    24,918.78
    +132.68 (+0.54%)
     
  • CRUDE OIL

    39.13
    -0.72 (-1.81%)
     
  • GOLD FUTURES

    1,898.00
    -7.20 (-0.38%)
     
  • DOW

    28,335.57
    -28.13 (-0.10%)
     
  • BTC-GBP

    9,992.11
    +13.55 (+0.14%)
     
  • CMC Crypto 200

    260.05
    -1.40 (-0.54%)
     
  • Nasdaq

    11,548.28
    +42.28 (+0.37%)
     
  • ^FTAS

    3,310.38
    +41.84 (+1.28%)
     

Stocks continue to rise as expectations grow of Joe Biden victory

Tom Belger
·Finance and policy reporter
·2-min read
Jill Biden speaks at Fayetteville State University while campaigning for her husband, presidential candidate Joe Biden, in Fayetteville on Tuesday, Oct. 6, 2020. Ncfay 100720 News Jillbiden 23 (Photo by Andrew Craft/USA Today Network/Sipa USA)
Jill Biden speaks at Fayetteville State University while campaigning for her husband, presidential candidate Joe Biden, in Fayetteville, US. Photo: Andrew Craft/USA Today Network/Sipa USA

European stock markets continued to rally on Friday, as investors’ hopes grew of a US stimulus package and a Joe Biden victory in the US election.

US futures were also pointing to a higher open, while Chinese stocks jumped overnight on better-than-expected services industry data.

The pan-European STOXX 600 (^STOXX) rose 0.3% on the open, reaching Its highest level since 18 September.

France’s CAC 40 (^FCHI) was up 0.6%, Britain’s FTSE 100 (^FTSE) was up 0.5%, and Germany’s DAX (^GDAXI) was trading 0.3% higher.

Wall Street also looked set for continued gains, as US president Donald Trump said “productive” stimulus talks had resumed just days after he scrapped negotiations.

S&P 500 (ES=F) and Dow Jones futures (YM=F) were up 0.4% as European markets opened, while Nasdaq (NQ=F) were up 0.3%.

Deutsche Bank analysts said in a note investors also had an “increasing focus on a potential Biden presidency and a possible blue wave.”

They pointed to new analysis by FiveThirtyEight pointing to a 68% chance of the Democrats winning the Senate as well as holding the House of Representatives, “raising the prospect of significant further stimulus” early next year.

“This would bring an end to the divided government that we’ve seen these last two years,” they wrote on Friday.

Chinese stocks also posted strong gains on Friday after a national holiday, after the Caixin services purchasing managers’ index (PMI) survey for September showed a fifth month of expansion.

Shanghai’s SSE Composite Index (^SSEC) rose 1.7%. The Hang Seng index (^HSI) in Hong Kong lost 0.4%, while Japan’s Nikkei (^N225) lost 0.1% overnight.

WATCH: Biden maintains poll lead over Trump