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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

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 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:

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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