While the U.S. market is struggling following the chaos brought by the recent Huawei ban and the anxiety surrounding the Washington-Beijing trade wars, the European market is on a roll following the much anticipated EU elections.
Most of EU markets traded high on Monday is driven by the relief that euro-skeptic parties did not advance as expected in EU Parliamentary elections with the carmakers leading the numbers after the merger of two of the most influential automobile manufacturing companies, Fiat Chrysler and Renault.
The market is even in great advantage as London, and U.S. markets are closed for a holiday tomorrow which experts believed would pin the numbers down for Europe.
The Stoxx 600 SXXP, +0.22% rose 0.2% to 376.78, after closing down 1.47% last week. In Germany, the DAX DAX, +0.99% rose 0.3% to 12,052.92, following a 1.9% gain last week. France’s CAC 40 PX1, +0.37% was up 0.3% to 5,335.21, after dropping 2.2% last week.
The European Union parliament held an election since Thursday through Sunday and is believed as what drove the market to accelerate on Monday. Exit polls showed pro-EU parties won the majority even with shrinking support.
The center-right and leftist groups in the parliament, which have had controls over the office for recent years have seen a rapid decline of their power. As a consequence, Greek Prime Minister Alexis Tsipras called for early national elections following his party’s evident downfall in the recent EU elections, driving the Greek market to roll up to GD, +6.09% soaring nearly 5%.
Meanwhile, U.S. markets keep on struggling with a plummeting five weeks over the long weekend amidst rumors that President Donald Trump is likely to ease the sanctions against Huawei as part of the U.S.-China trade negotiations. But the Dow Jones Industrial Average fell a fifth-straight week, logging its longest weekly losing streak on record.