After a dull start to the day, European markets saw a boost on Monday as all eyes were on Tuesday’s U.S. presidential election.
Regional bourses and sectors were trading higher, and the pan-European Stoxx 600 was last up 0.26% at 10:06 a.m. London time. While IT stocks fell by 0.23%, oil and gas, autos, and bank sectors all had increases of about 0.7%.
The most recent NBC News presidential election poll indicates that former President Donald Trump and current Vice President Kamala Harris are in a “deadlocked race,” and global markets are bracing for a pivotal week.
Depending on whatever party wins control of Congress, the outcome of the vote could have a significant impact on global market ramifications.
A divided U.S. Senate and House of Representatives would probably keep the largest economy in the world in its current political state.
On the other hand, a Republican or Democratic sweep would probably be accompanied by a White House win for the same party, which may result in new tax laws or spending plans.
Source (CNBC)
