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Markets react to US election results
News
06 November 2024
Markets react to US election results
Ruth Harris, Investment Research Analyst
Markets are adjusting to the US election results and the news of a second Trump presidency. US equities have rallied as investors return to ‘Trump trades’, pushing money into stocks anticipated to benefit from the results. Small caps have been a major beneficiary, with Russell 2000 futures up over 6% as of 1pm GMT, as Trump’s policies are broadly considered favourable to smaller businesses.
Globally, the impact on equities has been mixed as investors digest the news. Trump has pledged higher tariffs which would have a significant impact on global trade, though their extent and timing is unclear. In response to the results, Chinese equity markets fell driven by tech stocks as investors anticipate weaker US import demand. The picture in Europe is mixed, with an overall rise in the Euro Stoxx 600 obscuring falling share prices in auto companies particularly exposed to US trade.
In bond markets, US Treasury yields have climbed as the market predicts lower taxes, increased spending, and the potentially inflationary impact of trade tariffs. Despite a surge in the US Dollar overnight and higher inflation expectations, investors continue to price in a 25-basis point reduction in interest rates from the Federal Reserve this week.
We expect to see heightened volatility in global markets in the coming weeks as the extent of Trump’s policy implementation becomes clearer.
Please note that this communication is for information only and does not constitute a recommendation to buy or sell the shares of the investments mentioned. Investments and income arising from them can fall as well as rise in value. Past performance and forecasts are not reliable indicators of future results and performance. The information and views were correct at time of writing but may have changed at point of reading.
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