Daily US Times: Global markets have rallied in response to the declaration that Joe Biden is going to be the next president of the United States.
The projection of the election result ended of uncertainty about the race’s outcome and saw London’s FTSE 100 rise 1.5% to 5,994.58 points in early trade, with similar gains seen across Europe.
Shares is Asia also jumped, with Japan’s Nikkei 225 climbing 2.1% to 24,839.84 – it’s highest level since 1991.
There were similar gains in China, Australia and Hong Kong while oil and currency markets also climbed.
President Donald Trump, a Republican, has yet to concede and Mr Biden’s win remains a projection as key states are still counting votes.
However, the President-elect Joe Biden is forging ahead with his plans for assuming power in January after major US networks called the election in his favour on Saturday.
Director of global equities at M&G, Randeep Somel, told the BBC: “First and foremost it looks as if the uncertainty of who is going to be the president is going away, with world leaders coming out and openly congratulating Joe Biden and Kamala Harris.”
He said he thinks the global markets can focus now on the policies that Mr Biden is likely to enact going forward as opposed to this constant.
”Are we looking at another potential Bush-Gore event like we saw in 2000, where it took 6-7 weeks to realise what was going to happen,” Mr Somel added.
Joe Biden, the former vice president of Barack Obama, has already said he will reverse many Trump era policies, including rejoining the Paris Climate agreement on his first day in office in January.
There are also hopes that the Biden administration will expand fiscal stimulus in the US and widen measures to reduce the spread of coronavirus.
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