| Good morning. Joe Biden is on the brink of winning the U.S. election, technology stocks led equities higher and stimulus is expected from the Bank of England. Here's what's moving markets. Biden Victory NearsJoe Biden won Michigan and Wisconsin Wednesday, putting him on the brink of taking the White House from Donald Trump, hours after the president's team opened legal fights to stop vote counting in at least two states. Both CNN and NBC projected Biden would win Michigan, which Trump took in 2016, giving him 264 Electoral College votes out of the 270 needed to win the presidency. Trump has 214. Biden needs only to win an additional outstanding state, such as Nevada where he is leading, or Georgia, where his campaign believes absentee votes will push him over the top. Trump's campaign said it is suing in Pennsylvania and Michigan to halt vote counts that have been trending toward Biden. Tech BoostEuropean equity futures are green this morning after U.S. stocks were led higher by a jump in big technology shares as investors bet likely Republican control of the Senate could create gridlock in Congress, limiting new legislation that may have weighed on the industry. Overall, Wednesday turned out to be a "normal busy day," according to JPMorgan Chase & Co.'s trading chief. Adding to tech's good vibes after the close in New York was an update from chip giant Qualcomm, whose upbeat forecast suggested new 5G wireless networks are persuading consumers to upgrade their smartphones, sending its stock up 12%. In separate sector news, Apple is grappling with a shortage of vital chips that manage power consumption in iPhones and other devices, people with knowledge of the matter said. Early BoEMore monetary stimulus is expected to be announced in the U.K. today, given the likely impact of the new lockdown in England. Bloomberg Economics is suggesting the Bank of England's committee will vote 9-0 in favor of a quantitative easing extension. The decision was brought forward to 7 a.m. local time from the usual midday to avoid clashing with a statement from Chancellor of the Exchequer Rishi Sunak on the government's latest pandemic support package. The pound retreated. Italy Tightens UpItaly targeted the financial capital of Milan and key industrial hubs in the north with a set of tough new Covid-19 restrictions. Prime Minister Giuseppe Conte said Wednesday that the northern region of Lombardy around Milan, as well as Piedmont and its capital Turin, fall into the country's highest-risk zones. Unlike last spring's national lockdown, industrial operations will remain open even in the worst-hit zones in an attempt to shield the economy. Combined, Lombardy and Piedmont account for nearly a third of the economy. Elsewhere, Greece is nearing a lockdown, Belgium reported record hospital admissions, and Austrian infections hit a daily high. A new strain of Covid-19 emerged after an outbreak in Denmark's mink population, potentially hampering efforts to develop a vaccine. Coming Up…A swathe of banks are reporting corporate earnings, including Societe Generale, ING and UniCredit. Drugmaker AstraZeneca also reports amid focus on production of its coronavirus vaccine developed with the University of Oxford. Sainsbury updates too, as the supermarket chain plans to cut 3,000 jobs, according to a person familiar with the matter. German factory orders are the day's key data point, while little change to policy is expected from the U.S. Federal Reserve tonight given the election backdrop. Interest-rate decisions are also due from Norway, the Czech Republic and Hungary. Save the date | Join Bloomberg today for an exclusive virtual event with Volkswagen CEO Herbert Diess to discuss his plans to transform the world's largest carmaker and build the biggest electric-car fleet globally. Get the details and sign up here. What We've Been ReadingThis is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morningEuropean investors glued to the election count who glossed over last night's U.S. market moves might get the wrong impression from just looking at the major benchmarks. Stock gains were first and foremost a rush to defensive technology names. The S&P 500 Growth Index surged 3.5% while its value counterpart limped to just a 0.3% gain. Perhaps more tellingly the S&P 500 Equal Weighted Index -- a gauge of the average U.S. stock move -- closed unchanged. But abroad there are signs of a more positive shift. Asian stocks climbed for a fourth session Thursday in a broad-based rally as positive sentiment toward a Biden-led trade policy outweighed the likelihood of a divided U.S. government. Sure, a split House will stymie the passing of domestic legislation, but a Biden presidency alone is still enough to mend America's foreign relationships and that is good news for stocks in Asia particularly, but also Europe. A U.S. President has a little more leeway on trade policy to act unilaterally -- as Trump's time in office has shown us -- and Biden's committed to building a consensus with global allies on matters of commerce. Even the change of tone and absence of late-night Twitter bursts that a Biden presidency would bring should be enough to boost sentiment toward non-U.S. shares, despite hopes for a massive stimulus package from Washington having been dashed.  Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? 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