German markets continue to gain after US election

The leading German stock market index continued to make gains one day after the US election, which remained undecided.

The Dax advanced by 1.09 percent to 12,458.49 points in early trading.

The MDax of the 60 mid-sized stocks gained 1.15 percent to 27 553.83 points.

The EuroStoxx 50, the leading index of the eurozone, also recorded a gain of more than one percent.

German markets are reacting positively to Democratic contender Joe Biden's increasing chances to clinch the US presidency.

"The DAX is pleased," said Robert Halver, Head of Capital Market Analysis at the Baader Bank.

"If we take the vote count as of now, Joe Biden will become US President. That is good for Europe, good for Germany," the Baader Bank chief analyst added.

Democrat Joe Biden was pushing closer to the 270 Electoral College votes needed to carry the White House, securing victories in the "blue wall" battlegrounds of Wisconsin and Michigan, and narrowing President Donald Trump's path.

With just a handful of states still up for grabs, Trump tried to press his case in court in some key swing states, It was unclear if any of his campaign's legal manoeuvring over balloting would succeed in shifting the race in his favour.