European stocks were higher Monday as global markets reacted to the news that U.S. President Joe Biden had dropped out of the U.S. presidential race.
In this photo illustration showing a screen, current US President Joe Biden is seen speaking from the Roosevelt Room of the White House in Washington. President Biden and Vice President Harris held a briefing to discuss the incident and express support for Donald Trump .was last 1.25% higher at 1:51 p.m. London time, with only the travel and leisure sector in negative territory as it shed 1.46%.
The move was broadly expected after Biden's poor debate performance in June and amid polls showing the increasing likelihood of an election win by former Presidentinched up on Monday after the broad market index suffered its worst weekly losses since April last week as investors rotated out of megacap technology stocks for smaller names.7-day reverse repurchase rate lowered to 1.7% from 1.8%.
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