European stock futures slide as US election race tightens

Reuters , Wednesday 4 Nov 2020

Euro Stoxx 50 futures fell 0.9% at 0656 GMT, while German DAX futures shed 0.7% and UK's FTSE futures lost 0.5%

European stock futures fell on Wednesday as U.S. President Donald Trump took the lead over Democratic rival Joe Biden in a number of vital swing states, making the race for the White House too close to call.

Euro Stoxx 50 futures fell 0.9% at 0656 GMT, while German DAX futures shed 0.7% and UK's FTSE futures lost 0.5%.

That contrasted with New York's S&P 500 futures, which rose 0.3% after volatile trading overnight, while those in the tech-heavy Nasdaq jumped 2.0%.

Money managers bet on a clear victory for Biden in the election earlier this week, boosting European equities, as investors anticipated better trade ties with Washington and more economic stimulus for the coronavirus-hit U.S. economy.

Trump won the battleground of Florida, but Biden voiced confidence he would win the election by taking three key Rust Belt states, although the vote-counting could stretch for hours or days there.

"One of the few things clear so far is that we are not going to see a Democrat landslide win as polls had suggested," Chris Turner, ING's global head of markets said in a note

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