Stock markets gripped by US election race – business live
Rolling coverage of the latest economic and financial news
- Latest: Wall Street rallies as count continues
- FTSE 100 has closed 1.7% higher
- US election 2020 Trump v Biden:
- Full story: Biden expresses optimism as vote count continues
In the UK:
- UK double-dip recession looms
- Job cuts at Lloyds and John Lewis
Here’s our news story on the slowdown in Britain’s service sector last month, which makes a double-dip recession look increasingly likely….
Guy Foster, head of research at wealth manager Brewin Dolphin, predicts any future stimulus package agreed by Congress would be smaller than the Democrats would really like:
“The fate of the next president’s major policies depends on control of Congress. It now appears unlikely that the Democrats will win control of the Senate, leaving them unable to push through significant Covid-19 coronavirus stimulus packages or tax reforms, which is positive news for growth stocks. There is still likely to be some fiscal stimulus ahead but it will probably be a smaller package than if the Democrats were to control the Senate.
“There may be plenty of fluctuations, as the market seeks to predict who will be the winner. However, bear in mind that, at present, the market has wider concerns, and remains focused on the development of a vaccine, which will be increasingly vital if there looks likely to be no further stimulus.