Oil majors BP (NYSE:BP), Royal Dutch Shell (LON:RDSa) and Total gained as crude prices rose to their highest since February 2020 on Saudi Arabia’s pledge to cut output more than expected in a meeting with allied producers. [O/R]
Banks advanced the most, up 2.5%, while other cyclical sectors such as automakers and insurers added more than 1%.
While the final votes are yet to be counted in the run-off elections, markets appeared to price in a ‘blue wave’ that could usher in larger fiscal stimulus and pave the way for President-elect Joe Biden to push through greater corporate regulation and higher taxes.
In Europe, a pullback in healthcare, food & beverage and tech shares capped gains in major bourses.