US election: no winner yet, markets moving from a Blue Wave to a possible Trump trade

The winner of the election is likely to be determined sometime during the next few days as three battleground states, Michigan, Pennsylvania (6 November: deadline for mail-in ballots to be received in Pennsylvania) and Wisconsin, complete the long process of counting large numbers of ballots that were sent by mail as a result of Covid-19. There are possible paths to victory for both Trump and Biden. So far, the electoral college map is looking much like the 2016 race. Trump's deft use of nationalism appears to have resonated with white voters as well as some minority working-class voters. His message during the closing days of the campaign warned of rising socialism and higher taxes, and he touted his efforts to bring jobs back to the United States. Trade tariffs were an important part of his agenda. A very high turnout did not favour largely the Democrats.

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