European shares jump as Biden wins US election

European stock index futures jumped to a three-week high on Monday as a victory for U.S. President-elect Joe Biden in the election raised hopes of better trade ties between Washington and Europe.

Stoxx 50 futures were up 1.5% by 0640 GMT, while German DAX futures and London's FTSE futures gained 1.6% and 1.3%, respectively.

Japan's Nikkei share average reached a high last seen almost three decades ago, while futures tracking the U.S. S&P 500 index jumped 1.4%.

The pan-European STOXX 600 had jumped 7% last week, ending Friday with one of its best weeks this year.