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Nov 4, 2020

Energy | Oil Price Report: European markets rise amid choppy trade as investors watch U.S. election results

 

Elliot Smith, Holly Ellyatt


LONDON — European stocks advanced on Wednesday as investors around the world keep watch on the results of the U.S. election.

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSEFTSE 100FTSE5836.4249.650.86279777559
.GDAXIDAXDAX12193.99105.010.8748981557
.FCHICAC 40 IndexCAC4862.8057.191.1946746369

Following a turbulent open, the pan-European Stoxx 600 was up 1.1% by afternoon trade, with healthcare stocks jumping 3.3% while banks shed 0.8%.

The results of the U.S. election are still coming in with polls across the country now closed. President Donald Trump is projected to win Ohio and Florida, while former Vice President Joe Biden is ahead in Arizona.

President Donald Trump early on Wednesday falsely claimed victory and vowed to go to the Supreme Court in a bid to prevent further ballots being counted.

Attention is now turning to the industrial Midwest, but final results may not come for Michigan and Wisconsin until later Wednesday morning. Pennsylvania may not be called until later in the week.

Follow CNBC’s 2020 Election Day live blog for all the latest results and developments.

U.S. stock futures rose in volatile trading Wednesday as results of the presidential election rolled in without any clear indication of a winner.

Meanwhile, in Asia-Pacific markets, attention is focused on Hong Kong-listed shares of Alibaba that tanked in Wednesday trade after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.

By Wednesday afternoon Hong Kong time, shares of Alibaba in Hong Kong dropped more than 6%. Alibaba owns a roughly 33% stake in Ant Group. The move came after the Chinese central bank and regulators issued new draft rules for online micro-lending, which could affect Ant Group.

On the data front, final euro zone purchasing manager’s index (PMI) readings for October came in at 50.0, down from 50.4 in September, indicating that the bloc’s economy stalled as coronavirus cases resurged across the continent.

Britain’s Royal Mail climbed 9.1% to lead the Stoxx 600, while Spanish financial services firm BBVA fell 4.9%.

- CNBC’s Arjun Kharpal and other CNBC.com staff contributed reporting to this story.

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