Greetings,
Equities: The market is pleased with Biden’s electoral win and reduced uncertainty (for now). Stock futures are up sharply in early trading.
The collapse in vol (less uncertainty) has been supporting the post-election bounce, according to Deutsche Bank.
The put-call ratio declined last week.
Rates: The 10-year Treasury futures volume spiked in recent days.
Emerging Markets: Tukey’s finance minister, Murat Uysal (Erdogan’s son-in-law), resigned. The market was happy with Uysal’s resignation, sending the lira higher. Let’s see how long that lasts.
United States: The US dollar continues to weaken. With the election uncertainty mostly behind us, rising risk appetite is pressuring the greenback.
Global Developments: Businesses curbed their economic growth expectations last month.
Food For Thought: The shift in voter margins (Republican vs. Democrat) from 2016, by education:
Edited by Daniel Moskovits
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