European markets opened the week on a positive note, climbing on Monday after a slow start. Investors are keeping a close watch on the U.S. presidential election scheduled for Tuesday, with significant implications for markets across the globe. By 10:30 a.m. in London, the pan-European Stoxx 600 index had gained 0.25%, with most regional exchanges and sectors trading higher. Key performers included the oil and gas, automotive, and banking sectors, each adding around 0.7%. However, tech stocks slipped slightly, down by 0.23%.
This week is a pivotal one for global markets, especially with the latest U.S. election poll from NBC News indicating a “deadlocked race” between former President Donald Trump and current Vice President Kamala Harris. The outcome of the election will likely have ripple effects on market sentiment, depending largely on which party takes control of Congress. A divided Congress is expected to preserve the current political balance in the U.S., but a sweep by either party could bring significant changes. A unified Congress and White House under one party might result in new spending initiatives or a possible tax policy shift.
Meanwhile, Asia-Pacific markets saw gains on Monday, with U.S. stock futures showing mixed results in overnight trading on Sunday.
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