Author: Gérard Piasko, Chief Investment Officer

US election volatility

Market Comment, October 2020

Author: Gérard Piasko, Chief Investment Officer

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Investment Policy

Autumn in the financial markets

Summer is over, and there is a hint of autumn in the air. Is that true of the financial markets too? The double comeback – i.e. of equity markets and economic growth – since the lows of early spring is giving way to a phase of volatility. On the one hand, we are seeing a resurgence of political and economic uncertainties. On the other, the main drivers of this year’s equity market rally – the leading US technology and communication stocks – have performed so impressively since the start of the year that profit-taking has become more likely. We have therefore adopted a more cautious positioning with a lower equity beta.

Market Comment

US election volatility

One of the most momentous political events is approaching: the United States of America is about to elect its next President and a new House of Representatives, along with part of the Senate. The Democratic candidate, former Vice President Joe Biden, is heading into this electoral battle with an agenda that tends towards the social democratic/green end of the spectrum, whereas Donald Trump is campaigning on the basis of conservative positions such as less regulation and tax cuts. True, electoral promises often fall by the wayside after the election itself, but the different plans of the two candidates are still relevant. From the investor’s perspective, in the event of no clarity emerging over the actual winner, US equities could remain volatile for weeks, while economic activity could be influenced by uncertainty.

Finance Theme

Digital assets – opportunities and risks for investors

The innovative blockchain technology (“distributed ledger technology”, DLT) and the associated expectations have already attracted a considerable amount of attention. For both private and institutional investors, however, it is still not easy to profit from the numerous possibilities of this young technology. In a market environment that remains fairly opaque, investors need to find their way around the many different providers and specialists while also overcoming the technical hurdles that exist in connection with blockchain technology. The specialists on our Crypto Desk are looking to shine a light in the darkness with this publication.

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