HONG KONG — European markets powered higher Monday, catching up with last week’s Wall Street rally. Bitcoin soared over $82,000 for the first time but Asian stocks fell as China’s stimulus package disappointed investor expectations.
Germany’s DAX gained 1.2% to 19,438.89. In Paris, the CAC 40 added 1.1% to 7,421.24. Britain’s FTSE 100 also rose 0.7%, to 8,128.58.
U.S. shares were poised to open higher, with futures for the S&P 500 up 0.3% and those for the Dow Jones Industrial Average up 0.3%.
Bitcoin hit a fresh record, rising to $82,022.98 in early trading, according to Coindesk. The most popular digital token has been extending a rally that began after the reelection of former President Donald Trump, who has embraced cryptocurrencies and pledged to make the United States the world crypto capital.
In Asia, China approved a 6 trillion yuan ($839 billion) plan during a meeting of its national legislature Friday. The long-anticipated stimulus is designed to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second-largest economy.
“It’s not exactly the growth rocket many had hoped for. While it’s a substantial number, the stimulus is less about jump-starting economic growth and more about plugging holes in a struggling local government system,” Stephen Innes of SPI Asset Management said in a commentary.
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