European stocks reverse gains to trade lower ahead of U.S. election,tech stocks down 1%
European markets were lower on Monday, reversing gains earlier in the day, with all eyes on the U.S. presidential election due to take place on Tuesday.
The pan-European Stoxx 600 was last 0.16% lower at 2:50 p.m. London time, with regional bourses and sectors broadly in negative territory.
Banks led the gains by sector, trading up 0.8%, while technology stocks fell 1%.
Oil shares got a boost as crude prices rose more than 2% Monday on a decision by OPEC+ to delay plans to increase production. The sector was last up by 0.5%
Shares of Burberry were up 6% 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.(Cay)
Source: CNBC
