The UK stock market rallied this morning (November 9) as business began to react to the weekend's news that Donald Trump will soon be out of the White House and replaced by Joe Biden.
At the start of trading in London, the FTSE 100 jumped by 1.6% to 6,004 points, with every share showing a rise.
Doing particularly well were banks, industrial stocks and mining companies, while fossil fuels also enjoyed a boost at the opening of trading.
Britain reacts to America's decision
Monday marked the first weekday of trading since it became clear that Democratic candidate Biden had gained enough Electoral College votes to win the presidency, and it seemed as though the world's markets were heaving a sigh of relief at a decision finally being made.
Analysts believe a Biden presidency should usher in a more unified approach to international trade, as well as fiscal measures to attempt to get ahead of the coronavirus pandemic.
Richard Hunter of Interactive Investor told the Guardian: "The early signs are promising. Biden's victory offers the markets some certainty (which is always pleasing), while his pledge to unify America suggests a return to calmer days."
The fact that the Republican party retains the Senate, however, means it may be harder for Biden to pass major tax and policy changes - and trade wars could finally be off the table.
It is thought this will be a good thing for businesses, Hunter explained, calling it "a tailwind for markets since sweeping changes are more difficult to introduce".
UK analysts are also hoping that a potential Covid-19 stimulus package could boost the US economy and in turn increase demand for assets like energy across the pond.
On the back of the US election, BP and Shell are predicted to do well on the FTSE 100 today, with Brent crude up by 2.4%.
News closer to home also meant a boost for businesses in the construction industry, with the IHS Markit/CIPS Purchasing Managers' Index indicating a buoyant housing market and Halifax announcing British house prices rose in October at the fastest annual rate since June 2016.
As a result, Taylor Wimpey Plc was up 9.2% and Persimmon, Barratt Developments and Berkeley also saw a rise in share prices.
Not performing quite as well were firms associated with travel, with On The Beach Group Plc falling 3.4% on the back of travel bans associated with the second lockdown.
Interestingly though, apart from a sharp dip in stocks after restrictive measures were introduced last week, the markets have not demonstrated the protracted lows witnessed during the first lockdown in March.
Indeed, there was subsequently a small bounce-back, which analysts have suggested could be due to the shorter lockdown period and therefore more certainty for businesses, particularly ahead of Christmas spending.
There was also more positive than usual news on the Brexit front to boost the markets, with prime minister Boris Johnson saying on Sunday (November 8) that a trade deal is "there to be done".
After chief Brexit negotiator Michel Barnier arrived back in London for further talks, the mid-cap FTSE 250 gained 1.5%.
Elsewhere, the Europe-wide Stoxx 600 index rose 1.4%, Japan's Nikkei surged 2% to its highest level since 1991, and Chinese markets rallied amid hopes that Trump's trade wars may soon be over.
Similar trends were also seen in Australia and Hong Kong, as well as in currencies across the globe.