A few days ago, top managers of financial sector companies advised investors to remain cautious as the counting of votes in the US presidential election was delayed. The prolonged election triggered market uncertainty. However, now, the results are already known and the situation has more or less cleared up. This is why market experts think that there is every chance for a return of risk appetite.
Although Donald Trump is going to proceed with the legal fight, few people doubt now the victory of the Democratic candidate, Joe Biden. Wall Street analysts say that the election of the new president will be a great improvement for the stock market. The financial sector has never been particularly fond of Trump. He attacked corporate executives, including JPMorgan Chase & Co CEO Jamie Dimon. Trump's Wall Street associates distanced themselves from him when he was unable to handle the pandemic and stop protests against racial injustice. Of course, Biden’s election also has some pitfalls. For example, he wants to increase corporate taxes, tighten regulation, and to be more lenient in relations with trading partners. The equity market is also concerned about tougher enforcement measures and increased consumer controls that Trump has loosened.
For what it is worth, the US election has once again confirmed that each vote is important.“This is a vote for the soul of our nation. Who we really are. Who we aspire to be. I have faith America will choose decency and live over meanness and hate. Let’s go USA. Show us why your great,” Mike Novogratz, Chief Executive of New York-based Galaxy Digital, a major sponsor and fundraiser for the Democratic Party, tweeted.
