Markets bullish as Joe Biden sworn in as US President

World stock markets were trading in green on Wednesday as Joe Biden was inaugurated as the President of the United States, in part owing to his coronavirus stimulus proposal.

Wall Street stocks pushed higher in midday trading, with the Dow gaining 0.6%.

As closing bells rang in Europe, Frankfurt was up by almost 0.8% and Paris was 0.5% higher, while London added 0.4% as the pound hit a new 2.5-year peak against the dollar.

Asia had enjoyed a broadly positive session earlier in the day.

The euro sagged against the dollar meanwhile, as dealers mulled Italian political turmoil on the eve of an interest rate decision from the European Central Bank.

Biden’s inauguration as the 46th US president drew a curtain on the Donald Trump administration and set a new course to deal with COVID-19 and unite a splintered nation.

“European markets (are) looking forward with optimism, with Joe Biden’s inauguration marking the end of a four-year period that married up both Brexit and global trade uncertainty,” commented IG analyst Joshua Mahony.

“With (former president Donald) Trump and Brexit negotiations in the rear-view mirror, markets are faced with a four-year stint of greater stability and less uncertainty.”

Investors set aside concerns over the coronavirus crisis for now — though COVID-19 continued to cast a shadow as governments kept lockdowns in place.

“The incoming administration is looking to hit the ground running and has some very ambitious plans to combat the pandemic and the economic damage it has inflicted,” remarked Craig Erlam, a market analyst at Oanda.