European markets were higher on Monday after a lackluster start to the day with all eyes on the U.S. presidential election due to take place on Tuesday.
The pan-European Stoxx 600 was last 0.25% higher at 10:30 a.m. London time, with regional bourses and sectors widely trading higher.
Oil and gas, autos and bank stocks all added around 0.7%, while tech stocks dipped 0.23%. Oil stocks got a bump as crude prices rose more than 2% Monday on a decision by OPEC+ to delay plans to increase production.
Shares of Burberry were up around 5% after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.
Global markets are gearing up for a key week, with the latest U.S. presidential election poll from NBC News showing a “deadlocked race” between former President Donald Trump and current Vice President Kamala Harris.
Global market aftershocks may hinge heavily on which party takes charge of Congress as a result of the vote. A divided U.S. House of Representatives and Senate would likely maintain the political status quo of the world’s largest economy. A Republican or Democratic sweep, however, would likely be coupled with a White House victory for the same party, and could translate into fresh spending plans or a tax overhaul.
Asia-Pacific markets rose Monday, while U.S. stock futures were mixed in overnight trading.
— CNBC’s Samantha Subin contributed reporting to this markets blog.
