After four years of America First, some money managers outside the United States looking for big post-election investment winners are quietly confident it is the turn of the rest of the world to shine.
With several opinion polls pointing to a Joe Biden presidency, these investors are leaning towards assets such as emerging markets or European bank stocks, as potential beneficiaries of a Democrat win while turning cautious on markets such as Russia which might be hurt by the change.
A stimulus-fuelled U.S. growth pickup, accompanied by corporate tax hikes — both expected under Biden — could push capital out of the S&P 500 into other markets, especially if a coronavirus vaccine becomes available early next year.
A consensus for a weaker dollar, driven by more predictable trade and foreign policies under Biden, will add to the big positive for emerging markets.
Valentijn van Nieuwenhuijzen, chief investment officer at asset manager NN IP, said the ties between U.S. and China were key for markets.
via Reuters
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