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Here are some of the things people in markets are talking about on this U.S. election day.
Election day
It's finally here. Bloomberg Politics will keep you up to date throughout the day. Your handy hour-to-hour guide to following voting developments is here.
Market reaction
The fluctuations of global markets in recent weeks along with changes in polling ahead of today's vote clearly show that the result matters for investors. Bloomberg has compiled a cross-asset guide of the market moves analysts say to expect in the event of either candidate winning. A Clinton victory is good for stocks, the dollar, and would weigh on Treasuries, they predict. A triumphant Trump would increase stock volatility, hit the dollar, lift Treasuries, and spur a rally in gold.
Brexit costs
The Institute for Fiscal Studies has warned that U.K. Chancellor of the Exchequer Philip Hammond is facing a 25 billion-pound ($31 billion) hole in the public finances following the vote to leave the European Union. Speaking in parliament yesterday, Brexit Secretary David Davis said there is no going back on the decision to leave, despite the recent setback in the High Court. Industry frustration with the British government is growing, as Ryanair Holdings Plc Chief Executive Officer Michael O'Leary joined the critics, saying, “What worries me about Brexit is the U.K. government clearly has no idea what it is doing.”
Markets flat
With voting opening for the U.S. election, markets are treading water this morning. Overnight, the MSCI Asia Pacific Index gained 0.4 percent, while Japan's Topix index added 0.1 percent. In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:13 a.m. ET, with Credit Agricole SA jumping 5.7 percent after profits surged in the third quarter. S&P 500 futures were little changed.
Another low for lira
Turkey's lira dropped as much as 0.6 percent to a record 3.185 to the dollar this morning, and was trading at 3.174 at 5:38 a.m. ET. The drop came as government ministers ruled out an intervention to stem the decline, and data showed that industrial production unexpectedly turned negative in September. Weakening economic prospects have done nothing to stifle President Recep Tayyip Erdogan's ambitions, with talk of expanding Turkey's borders aimed at cementing his power at home.
What we've been reading
This is what's caught our eye over the last 24 hours.
- Wall Street bonus prospects suddenly brighten.
- An idea to revolutionize Europe's debt could be coming of age.
- Voters take note: China's trade surplus with the U.S. is shrinking.
- A 20-stock fund smashes peers with risky dose of self-belief.
- Steve Ballmer's plan to make America great involves Excel spreadsheets.
- Rand takes over mantle of world's most political currency.
- On Trump, Brexit, portmanteaus and psephology.
To contact the author of this story: Lorcan Roche Kelly in Dublin at lrochekelly@bloomberg.net.
To contact the editor responsible for this story: Isobel Finkel at ifinkel1@bloomberg.net.
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