European stocks opened higher as global markets focused on the vote count after the U.S. presidential election.

The pan-European Stoxx 600 index was up 0.58% shortly after the start of trading, with regional bourses and sectoral indices broadly higher. Media stocks gained 2%, while utilities fell 1.66%. Currently, the pan-European index is up 1.14% at 515.35 points.

In the individual indices, the British FTSE 100 is up 0.92%, the German DAX is up 0.77%, the French CAC 40 is up 0.98%, the Italian FTSE MIB is up 0.66% and the Spanish IBEX 35 is down 0.62%.

Global markets are focused on the results from key states that determine the winner of the presidential race between former President Donald Trump and Vice President Kamala Harris.

Trump has won the tough battles of Texas and Florida, as well as the crucial states of North Carolina, Georgia and Pennsylvania. Harris took New York and California, as well as Virginia. Republicans are expected to regain majority control of the U.S. Senate in 2025, according to NBC News.

U.S. stock futures rose sharply during overnight trading as investors bet former President Donald Trump will retake the White House. Asian and Pacific markets were mixed overnight.

Market attention is focused on which party will dominate Congress, given that a sweeping victory by Republicans or Democrats could contribute to drastic spending changes or a major overhaul of tax policy.

Wall Street is also bracing for the Federal Reserve’s upcoming interest rate decision on Thursday. According to CME Group’s FedWatch Tool, traders expect a 96.1% probability of a quarter-point rate cut at the end of the central bank’s policy meeting, following a half-percentage point cut in September.

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