Trump-Biden debate could be an ‘important catalyst’ for investors, Goldman says, as its strategists remain ‘pro-risk’

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Goldman Sachs strategists said they remained 'pro-risk' but warned risky assets may be stuck in a 'fat and flat range' unless election uncertainty eased. Markets have generally been 'risk off' over the past week, they said, as COVID-19 cases rise.

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The global coronavirus death toll has now passed 1 million, according to Johns Hopkins University, which United Nations Secretary-General António Guterres described as “an agonizing milestone.” Many regions around the world are still reporting rising numbers of infections, also fueling fears over the impact of a second wave.

Markets have generally been ‘risk off’ over the past week, they said, as COVID-19 cases rise and the likelihood of a vaccine by the first quarter of 2021 has diminished. With the eyes of the world set to be on Trump and Biden later on Tuesday, the Goldman strategist said the first debate could be an “important catalyst for investors to assess risks.”

The markets After climbing 410 points on Monday, the Dow Jones Industrial Average DJIA, -0.57% was 0.2%, or 66 points lower in early trading. The S&P 500 SPX, -0.39% slipped 0.1% and the Nasdaq COMP, -0.23% was 0.1% up. French luxury goods giant LVMH MC, +0.56% countersued Tiffany & Co TIF, -0.12% on Monday, claiming the U.S. jeweler has been so badly damaged during the pandemic that the planned $16 billion takeover agreement is invalidated.

United Airlines UAL, -4.11% said it has secured a deal to avoid furloughing pilots before next summer, reducing planned compulsory layoffs by about a quarter to under 12,000 — if more federal aid isn’t forthcoming.

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GoldmanSachs you’re strategists are essentially saying nothing...It’s either risk on or risk off, pick one!!

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