According to CoinMeta, European bank stocks have seen a risk-relieving rebound, and the Democratic Party's decisive victory in the U.S. midterms has alleviated market uncertainty. Driven by bank stocks, European stock markets rose, with the Stoxx 600 Bank Index climbing 4.5% at one point, on track to record the largest single-day gain since May. Although concerns about credit quality and default rates arose earlier due to a sharp rise in bond yields, the European banking sector entered a correction period after hitting a record high in early September, it has still seen a cumulative increase of 11% this year. Ulrich Urbain, head of multi-asset strategy and research at Berenberg Bank, said that as uncertainty has diminished, the market has seen a strong risk-relieving rebound.