Rolling coverage of the latest economic and financial news
8.08am GMT
Both presidential candidates have been speaking about the race.
President Trump tried to claim victory, even though counting continues.
Donald Trump pushed a baseless accusation of “fraud” in the presidential election, as he declared victory without the results to back that up.
“This is a fraud on the American public,” the president said a the White House. “This is an embarrassment to our country.”
We are feeling good about where we are. I am here to tell you tonight that we are on track to win this election.
We know with unprecedented early voting, it is going to take a while. We are gonna have to be patient.”
8.01am GMT
US government bond prices have rallied sharply overnight, as hopes of an early stimulus package faded.
Yesterday, the yield (or interest rate) on US 10-year Treasury bills jumped to four-month highs.
Related: Republicans confident they will keep Senate control after fears of backlash
The market is now less convinced about a #Biden win. 10-year Treasury yields broke their resistance line to touch 94bps to fall by 14bps as #Trump won some key states. Uncertainty might play against some large short Treasury positions, pushing yields further down. @SaxoStrats pic.twitter.com/2anT7HJEwP
US 10-year Treasury #yield doesn’t like this very much. Down a full 10 basis points as the #USElections2020 outcome still very uncertain. pic.twitter.com/CgJr9zRpsf
“At this stage, no clear winner in the US Presidential election has been declared. Once again, the polls have underestimated the depth of support for Donald Trump and it is possible he may well end up as the winner.
“In the short term, this is disappointing for markets and raises the prospect of several days or even weeks of uncertainty and possible legal challenges. Investors had been also been hoping that a clear victory would open the door to a massive stimulus package which would boost the US economy. This now appears unlikely, at least in the short-term, so we would expect to see some volatility today as markets digest the situation.
Continue reading…Rolling coverage of the latest economic and financial newsUS Politics LiveFull story: US poised for long election as millions of votes remain to be counted 8.08am GMTBoth presidential candidates have been speaking about the race.President Trump tried to claim victory, even though counting continues. Donald Trump pushed a baseless accusation of “fraud” in the presidential election, as he declared victory without the results to back that up.“This is a fraud on the American public,” the president said a the White House. “This is an embarrassment to our country.”We are feeling good about where we are. I am here to tell you tonight that we are on track to win this election.We know with unprecedented early voting, it is going to take a while. We are gonna have to be patient.” 8.01am GMTUS government bond prices have rallied sharply overnight, as hopes of an early stimulus package faded.Yesterday, the yield (or interest rate) on US 10-year Treasury bills jumped to four-month highs. Related: Republicans confident they will keep Senate control after fears of backlash The market is now less convinced about a #Biden win. 10-year Treasury yields broke their resistance line to touch 94bps to fall by 14bps as #Trump won some key states. Uncertainty might play against some large short Treasury positions, pushing yields further down. @SaxoStrats pic.twitter.com/2anT7HJEwPUS 10-year Treasury #yield doesn’t like this very much. Down a full 10 basis points as the #USElections2020 outcome still very uncertain. pic.twitter.com/CgJr9zRpsf“At this stage, no clear winner in the US Presidential election has been declared. Once again, the polls have underestimated the depth of support for Donald Trump and it is possible he may well end up as the winner.“In the short term, this is disappointing for markets and raises the prospect of several days or even weeks of uncertainty and possible legal challenges. Investors had been also been hoping that a clear victory would open the door to a massive stimulus package which would boost the US economy. This now appears unlikely, at least in the short-term, so we would expect to see some volatility today as markets digest the situation. Continue reading…