We have no interest to wade into the political debate and are fully cognisant of the fact that passions run high after a very heated election season. But the reality is that a Trump presidency was for the most part discounted as unlikely by the markets and, at least initially, we expect some panic trading to occur. The role of markets is, in part, to price risk and, until proven otherwise, market participants will look to price the risk of trade war(s) with some of our largest trading partners. A selloff is likely but may be tempered by the realisation that the immediate material impacts could be limited. In the short term, we think the currency shifts have the. Read more...
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