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Future of Europe on the rise with possible Biden victory. Asia at a high of nearly three years
Stock futures in Europe and the US continue to trade at the highest level, as a reaction to Democratic candidate Joe Biden’s more likely victory in the US presidential election after winning the state of Michigan.
Therefore, Stoxx 50 futures, an index that groups together the 50 largest listed companies in Europe, earns 0.6%, while US S&P 500 futures are up 1.6%.
On the night of Lisbon, the Asian session was also tinged with “green”, recording a maximum since February 2018, due to layoffs in the technology and healthcare sectors.
Earnings were transversal across the region, such as Japan (+ 1.4%), Hong Kong (+ 2.9%), China (+ 1.3%) or South Korea (+ 2.4%).
Joe Biden won in Michigan and Wisconsin, putting him on the verge of becoming the next leader of the White House, despite current President Donald Trump calling for a recount in some crucial states.
The Democrats’ inability to conquer a “blue wave,” which it guarantees the Senate and the House of Representatives, reduces enthusiasm for the huge fiscal stimulus package, although some help is expected later this year.
On the other hand, this failure puts even more pressure on the actions of the US Federal Reserve, which will be forced to continue injecting money into the economy until an understanding of the fiscal framework comes.
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