SINGAPORE: As the clock ticks down to the US presidential election on Nov 3, the intensity of the contest between Republican President Donald Trump and Democratic challenger Joe Biden is rising.AdvertisementA survey conducted by wealth management firm UBS in September found that investors favoured Mr Trump for economic direction and job growth. However, Mr Biden was their pick to manage the COVID-19 downturn, foreign policy, and healthcare.
“Such a blue wave would likely prompt us to upgrade our forecasts,” wrote Goldman Sachs chief economist Jan Hatzius in a note last month. "Getting COVID under control is the number one thing that’s going to help the US economy," said Ms Angela Mancini, partner at Control Risks, a specialist global risk consultancy.
Mr Song Seng Wun, CIMB Private Banking economist, points out that it would be counterproductive to impose an overly high tax burden on businesses and consumers if the economy does not improve. “The markets have been affected by this trade war, and this tariff war, and so if Mr Biden back tracks on the tariff front, I think that will be a source of relief for the markets,” added Mr Menon.Investors will also be keeping a close eye on the US dollar, especially if there is increased spending by a new administration.
The one thing that market watchers agree on is that the need for stability to return to the United States.
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