TOKYO (AP) – European shares opened higher Monday after a mixed day in Asia, where Japan’s benchmark got a boost from a weaker yen. Other Asian bourses were mostly lower although markets have gradually steadied after a bout of turmoil following the U.S. presidential election.
KEEPING SCORE: France’s CAC 40 gained 1.3 percent to 4,545.64, while Germany’s DAX added 1 percent to 10,782.58. Britain’s FTSE 100 added nearly 1.1 percent to 6,806.52. U.S. shares were also set for gains, with Dow futures adding 0.6 percent and S&P 500 futures up 0.5 percent.
TRUMP FACTOR: Donald Trump’s victory over Hillary Clinton has set off a rally on Wall Street, as investors wagered that Trump and a Republican-controlled Congress will boost infrastructure spending, cut taxes and relax regulations that affect energy, finance and other businesses. The view from elsewhere in the world is less sanguine.
THE QUOTE: “Global risk assets unexpectedly rebounded on Donald Trump’s victory in the US presidential election last week, along with a fast sell off in safe-haven assets including gold and the Japanese yen,” says Margaret Yang Yan, a market analyst at CMC Markets in Singapore. “No more surprises before Christmas, please.”
JAPAN HOPES: Data for Japan’s gross domestic product showed the economy had grown faster than expected in the July-September quarter, rising 2.2 percent in annualized terms, on the back of healthy exports. The dollar is being sought as a safe haven after the U.S. election, which is good news for Japan Inc.’s giant exporters.
