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Nov 4, 2020

European Markets Closing Report: European markets close higher as investors watch U.S. election results

 

Elliot Smith, Holly Ellyatt


LONDON — European stocks closed higher on Wednesday as investors around the world kept watch on the results of the U.S. election.

Following a turbulent open, the pan-European Stoxx 600 ended up around 1.9% provisionally, with healthcare stocks jumping almost 4.8% to lead the gains.

The results of the U.S. election are still coming in with polls across the country now closed. Several states remain uncalled, however President Donald Trump was able to successfully defend big states such as Florida, Texas and Ohio, according to NBC News projections.

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

On Wall Street, stocks rose with tech shares leading the gains Wednesday as results of the presidential election rolled in without any clear indication of a winner.

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.

Looking at individual stocks, Danish biotechnology firm Genmab and British postal service Royal Mail both climbed nearly 8% to lead the Stoxx 600, while British bank Standard Chartered and Spanish financial services firm BBVA fell 5% and 6% respectively.

- CNBC.com staff contributed reporting to this story.

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