Wall Street is no longer betting on Trump – By Dion Rabouin (Axios) / July 7 2020
Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.
Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden’s rise in the polls.
- The shift is the latest indicator of how quickly the political and business worlds have aligned in the view that Trump is unlikely to win a second term as COVID-19 infection numbers have spiked again and the economy looks to be stalling.
By the numbers: A Citigroup poll of 140 fund managers released last week found that 62% expect a Biden win, compared to 70% who expected a Trump victory in the same survey in December.
- And according to Kace Capital Advisors managing director Kenny Polcari, “Talk of a Democratic sweep [is] now common” among investors.
Continue to article: https://www.axios.com/wall-street-betting-biden-trump-3f92627c-812f-42a3-a79c-2192787170f9.html
