European Markets Closing Report: : European markets close higher ahead of U.S. election; BNP Paribas up 6.7%
Elliot Smith, Holly Ellyatt
LONDON — European stocks closed higher on Tuesday ahead of the U.S. presidential election between incumbent President Donald Trump and former Vice President Joe Biden.
The pan-European Stoxx 600 provisionally ended up around 2.3%, with banks jumping 4.5% to lead gains as all sectors and major bourses closed in positive territory.
European stocks are following a trend of positive sentiment seen elsewhere Tuesday. Overnight in the Asia-Pacific region, stocks were trading higher, and U.S. stocks rallied as investors hoped for a clear winner to emerge from Tuesday’s vote.
Heading into Tuesday, Joe Biden holds a lead in national polling over President Donald Trump. The former vice president earned 52% of support from registered voters compared to 42% for the president, according to a NBC News/Wall Street Journal poll from Sunday. In swing states, where the election will be decided, polling averages are tighter than the national polls.
Corporate earnings remain a key driver of individual share price action. Swedish cloud services provider Sinch jumped more than 11% to lead the Stoxx 600 after reporting a sharp spike in third-quarter profits.
At the bottom of the European blue chip index, Danish pharmaceutical company H Lundbeck fell more than 4% after missing earnings expectations.
France’s BNP Paribas on Tuesday beat third-quarter profit expectations, sending shares of the country’s largest lender 6.7% higher.
- CNBC’s Maggie Fitzgerald contributed reporting to this story.
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