Carmignac: Kommentar zur US-Wahl

„Some investors had started in the past weeks to position themselves for a "blue sweep" which had the potential to unleash an outsized multi-year economic stimulus program, with a radical shift in the destination of US public investments.“

„Such expectations had brought support to US cyclical assets, alternative energy stocks, pushed up US long term yields, and also offered some hope to European equities, faced otherwise with the impact of rising business restrictions on domestic growth.“

„The main intermediate result of the US presidential race at this stage is that the probability of this democratic sweep has collapsed. Therefore, beyond short term uncertainty on the actual winner of the presidential elections, which could easily lead to legal challenges and chaotic news flow, the market is likely to have to continue dealing with the same complex picture: a fine balance between an economic growth challenged by the economic impact of managing Covid 19 risks, some degree of fiscal stimulus, the imperative support of central banks’ policy, and the hope for an effective vaccine available sometime next year.“

„This status-quo of sort should continue to support the valuation of high-visibility growth stocks and limit risks on rates markets.“