German stocks were sharply higher in early trade on Monday after Democratic candidate Joe Biden was elected as the 46th President of the United States.
After a bitter contest with record voter turnout during the pandemic crisis, Biden has won over 74 million votes and defeated Republican President Donald Trump, who got more than 70 million votes.
Trump refused to accept defeat and threatened legal challenges regarding the vote counting process, saying the "election is far from over."
Biden, meanwhile, said that containing the coronavirus pandemic will be his top priority, along with mending a battered economy.
The benchmark DAX jumped 229 points, or 1.8 percent, to 12,708 after declining 0.7 percent on Friday.
Chipmaker Infineon Technologies soared 2.7 percent. After posting in-line results for the fourth quarter, the company forecast that revenue would grow by nearly 23 percent in the year ahead.
Volkswagen advanced 2.6 percent. Traton SE, a subsidiary of Volkswagen, has signed an agreement to buy remaining stake in Navistar International Corp. it does not already own for $44.50 per share.
In economic releases, German exports grew more than expected in September, while imports fell unexpectedly, data from Destatis revealed.
Exports increased 2.3 percent month-on-month, faster than the economists' forecast of 2 percent but slower than the 2.9 percent growth logged in August.
Meanwhile, imports dropped 0.1 percent, confounding expectations for an increase of 2.1 percent. Imports were up 5.8 percent in August.
As a result, the trade surplus advanced to a seasonally adjusted EUR 17.8 billion from EUR 15.4 billion posted in August. The expected surplus was EUR 15.8 billion.
On a yearly basis, exports decreased at a slower pace of 3.8 percent, following a 10.2 percent drop seen in August. Likewise, imports were down 4.3 percent versus a 6.8 percent fall in the prior month.
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