Insight #1 – A Biden presidency is bullish for Asian stocks Asian stocks reacted positively to Biden’s clear lead in the US presidential election. Potential future US Treasury Secretary Lael Brainard has expressed dovish views that signal yield curve control and financial repression. Interest rates are likely to stay lower for longer. We are thus likely to see waves of carry trades from the US Dollar into higher yielding emerging market assets. In addition, Biden is likely to deal with China in a much less confrontative way. Whether tariffs will be lowered remains to be seen. But the prospects of China’s manufacturing economy is much stronger today than they were under the Trump administration.
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