ZuluTrade Blog

Daily Market Outlook - Countdown to the US Presidential Election

Market View | Monday, November 2, 2020 4:29 PM GMT

The final countdown has begun!

With just one day left before the US Presidential Election market participants are sitting on the edge of their seats waiting in keen anticipation for the final result. Both Trump and Biden are putting all they have left in the critical states that will most likely impact the final outcome. 

Polls to date are in favor of Democrat Biden, however, Republican Trump won’t give up the fight easily. The latest polling in the crucial state of Pennsylvania gives 7 percentage points to Biden, and so Trump is now threatening to block the counting of ballots in this critical battleground. At the time of writing, most major indices are grinding higher and being bullish after recording heavy losses the previous week. 

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On major US news, Reuters has published an interesting article about the potential stock winners and losers after Tuesday and based on runners’ generic policies, they believe that green energy and marijuana stocks will get benefited if Biden wins, on the other hand, if Trump prevails then banks, aerospace&defence will be supported positively. On the COVID-19, even though at least 31 states reported their one-day coronavirus case records in October, Trump implied that he may fire Dr, Anthony Fauci, after the elections. 

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On major EU-UK news, most countries were forced to apply harder restriction rules to contain the spread of COVID-19, with the EU yet again being the epicenter of the virus. Partial lockdowns include the closure of gyms, bars, restaurants, and theaters will be or already have been implemented by the majority of severely affected EU countries. Reviewing the economic data, UK Manufacturing PMI rose higher to 53.7 as well as EU’s and Germany’s to 54.8 and  58.2 respectively. 



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