European shares jump as Biden wins U.S. election
In company news, German chipmaker Infineon gained 2.7% as it forecast a nearly 23% jump in revenue in the year ahead.Reuters | Washington DC | Updated: 09-11-2020 13:59 IST | Created: 09-11-2020 13:49 IST
European shares jumped on Monday as a victory for Democrat Joe Biden in the U.S. presidential election raised hopes of better trade ties between Washington and Europe, while chipmaker Infineon rose on a strong revenue forecast.
The pan-European STOXX 600 was up 1.3% by 0805 GMT, with trade-reliant German shares adding 1.6% as data also showed exports in Europe's largest economy rose more than expected in September. Japan's Nikkei share average hit a 29-year high, while futures tracking the U.S. S&P 500 index jumped 1.4% as investors bet a Biden presidency and a potentially Republican-held U.S. Senate would lead to fewer industry reforms and more monetary stimulus.
The benchmark STOXX 600 ended Friday with one of its best weeks this year, although surging coronavirus cases across the continent capped gains. Investor attention has also been on Brexit trade talks, with British Prime Minister Boris Johnson saying a deal was "there to be done". In company news, German chipmaker Infineon gained 2.7% as it forecast a nearly 23% jump in revenue in the year ahead.
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