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European stocks jumped Monday as Democrat Joe Biden’s victory in the US presidential election raised hopes for better trade relations between Washington and Europe, and chipmaker Infineon increased thanks to strong earnings expectations.
The European Stoxx600 index rose 1.3% by 08:05 GMT, and the German DAX index, which relies on trade, rose 1.6%, as data showed that exports from the largest European economy rose more than expected in September.
Japan’s Nikkei index hit a 29-year high, tracking the S&P 500, which jumped 1.4% as investors bet that the Biden presidency and the likelihood of Republicans retaining control of the Senate will lead to fewer industry reforms and more monetary stimulus.
The Stoxx600 index ended Friday’s weekly performance among the best this year, but the growing number of COVID-19 cases on the continent limited the gains. Investors are also paying attention to trade talks related to Britain’s withdrawal from the European Union.
