Biden wins 2020 US Election

President Trump's legal efforts against election result continue, but what impact - if any - can he have on final result?

Biden declared winner in Georgia after recount
Trump launches lawsuits in several key swing states
How are markets reacting to intense political tensions?

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Will the markets believe in Biden?

Volatility may continue right up until inauguration day on January 20th, 2021 as several potential recounts loom and Trump's legal team challenges key swing states. Read our analysis on the post-election fallout and which markets to watch:

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How are markets reacting to the 2020 election?

Key markets to watch

Product	Bid	Ask

EUR/USD
GBP/USD
USD/JPY
USD/CHF
USD/CAD
AUD/USD
NZD/USD
USD/MXN
XAU/USD
XAG/USD

Product	Bid	Ask

Last Updated:

*for illustration purposes only

Compare Trump and Biden’s economic policies

How do the Democratic and Republican economic policies stack up against each other? We compare individual aspects of each party’s mandate:

Joe Biden

The Democratic Party nominee

Donald Trump

The Republican incumbent

Taxes Neither candidate has outlined plans for any meaningful tax increases, though given the positioning of the parties, tax hikes would be more likely under Biden in our view.	Taxes Another term for the Trump administration would likely see more tax cuts in our view, as the Republican party would continue with its pro-business agenda.
Spending While neither candidate appears particularly concerned with the federal budget deficit, Biden supports elements of the ‘Green New Deal’ which could impact the environmental and energy sector.	Spending Throughout his administration, Trump has focused on state and local government infrastructure spending, with another $1 trillion stimulus package proposed to support the economy through the current pandemic.

Trade Both candidates seemingly view China’s rising prominence as a potential threat, so tensions between the world’s two largest economies may remain elevated after the election regardless.	Trade Both candidates seemingly view China’s rising prominence as a potential threat, so tensions between the world’s two largest economies may remain elevated after the election regardless.
Regulation Biden may be more likely to impose new rules to protect individuals and the environment, a dynamic that could be significant for companies in the energy and financial sectors.	Regulation Trump has aggressively cut red tape for businesses, which has supported the equity market rally despite one of the worst unemployment crises in recent history.

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