The US Election looks to have gone to Biden, even though it also looks like it is going to the courts. In some ways, what is more important is that the failure of the widely predicted ‘Blue Wave’ to appear will put some mental and physical checks on some of the more ‘progressive’ and radical programmes that some were hoping to bring in. The bottom line is that markets like stalemates as they neuter the ‘policy risk’ factor.

There are many Bankers having a rant this morning about the reluctant debutant that is ANT financial. As the world’s largest IPO, it was highly significant and meant to provide a stimulant of hundreds of millions in fees for the Wall Street bankers before year end.

Market Thinking looks for how the behaviour of short term traders can spill over into the actions of medium term asset allocators and ultimately long term investors. Right now, we are watching the behaviour of the Currency and Commodity markets – dominated by short term leveraged ‘noise traders’ and seeing a clear possibility that they are going to trigger the asset allocators.

As we noted in Wednesday Wanderer’s Wonderings, one of the biggest differences for markets between a Biden or Trump Presidency is likely to be that the former will embrace the concept of a Green New Deal and by extension ESG investing, whereas the latter will continue to resist it.

The Vice Presidential Debate this week was an overwhelming victory for Kamala Harris. Or Mike Pence. It rather depended on which side you asked.