The European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the United States votes its most polarised presidential election in living memory.
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Investors in European stock market are positive about the clear win of Biden due to which European stock markets rose in early Tuesday trading.
French bank BNP share price increased by 6.5% which shows that the banking sector is recovering from COVID-19 crisis.
Donald Trump and Biden made last moments promises with their voters on Monday as it seems that there might be post-election legal disputes which can delay the results.
chief market analystat CMC, Michael Hewson said that share markets are betting on Biden victory and investors want a clear and undisputed result. He warned that an unpredictable majority victory by Trump or divided outcome can trigger the panic in stock markets.
The pan-European STOXX 600 index continues to grow on 2nd day with a 1.3% gain after hitting a five-month low last week. Experts said that there was a positive vibe on Tuesday in the markets but most European countries introducing tough lockdown restrictions due to 2nd wave of corona which can further weaken the wrecked economy.
Australian’s central bank further cut the interest rates today to repair the COVID affected economy. Investors are also expecting more support from Federal Reserve and Bank of England meetings later this week.
Hewson from CMC markets said that the markets at the moment are acting both ways. One day they performing well and the next day they crash so investors at the moment are walking on a tightrope. There was no big change was seen in Dollar and gold prices on Monday and Tuesday.