The FTSE 100 rose 1.7% in early trade in London, with France's CAC 40 rallying 2.1% and Germany's DAX up by a similar margin. Markets in Europe took their cue from Asia, where stocks posted their best gains in several weeks.
Although Republican policies typically favor stocks, investors are eager for more fiscal stimulus as the United States contends with the coronavirus pandemic. Investors predict a"blue wave" of Democrat victories would lift the chances of a comprehensive stimulus deal getting passed in the winter. Premarket indicators showed Wall Street was heading for its second consecutive day of gains after stocks recorded their worst week since March. Dow futures were last up 358 points, or 1.3%. S&P 500 futures were up 1% and Nasdaq futures were up 0.9%.
Asia also got a boost after the Reserve Bank of Australia cut interest rates to a record low of 0.1%. The move, which was widely expected, was intended to help the economy recover from the pandemic.
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