Joe Biden is now projected to win Arizona, cementing his victory in the US presidential election. UK and European stocks have opened a little lower this morning.

On Thursday, UK and European markets ended mostly lower as stocks retraced from multi-month highs amid uncertainty about a quicker economic recovery due to the continued surge in coronavirus cases across the continent and weaker-than-expected UK GDP data with the economy growing by only 1.1% in September. Finance minister Rishi Sunak warned that the latest lockdown measures had likely slowed growth even more since then.

US stocks closed lower on Thursday. As US coronavirus cases rise sharply, concerns over economic recovery are rising despite optimistic vaccine news. Fed Chairman Jerome Powell said the virus poses a risk to the “solid path of recovery.” President Trump continues with his claims of fraud in the presidential election. A joint statement from election officials and experts says the the election “was the most secure in American history.”

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