by Michael Clough
Over the weekend we had confirmation that Joe Biden has won the race to become the next President of the United States of America. Despite Trump claiming election fraud, vowing legal action and thus refusing to concede, Biden is set to take up residence in the White House. One of the main talking points in the run up to this election was around a second stimulus package to help sustain the US economic recovery after a record 31% (annualised) collapse in GDP in Q2. Prior to the election discussions had reached an impasse, putting even greater importance on the composition of US Congress – including the House of Representatives and the Senate – which, at least for this issue, is arguably more important than who actually sits in the White House.
- The major global equity index returned +7.7% last week as all regions rallied.
- Joe Biden is on-track to become the 46th president of the US despite expected legal contestation from the Trump administration.
- Brent crude rose 5.3% to $39.5 a barrel.
- Gold rose 3.9% to $1951.4 per ounce