Biden wins 2020 US Election

After a tense week, Joe Biden is poised to become the 46th US president. Follow the market reaction:

  • Biden secures electoral votes
  • Senate seems likely to remain under Republican majority
  • Trump continues to cast doubt on the count - follow market reaction
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Will the markets believe in Biden?

See what a Biden presidency could mean for the markets and wider policy-making decisions by reading market analyst Joe Perry’s assessment of America’s new president in Outlook 2021.

READ OUTLOOK 2021

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How are markets reacting to the 2020 election?

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Compare the candidates' economic policies

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

Joe Biden

The Democratic Party nominee
Trump icon

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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