Boots on the ground, European and US stocks soar

Beijing time on November 3, the U.S. market session, the 2020 U.S. election Election Day voting officially began, the three major U.S. stock indexes all rose more than 2%, the Dow rose 2.77%.

The 2020 U.S. election Election Day voting officially began on November 3, local time, and continued throughout the day. The U.S. Department of Homeland Security said about 105 million U.S. voters have already cast their ballots and 150 million voters are expected to cast their ballots in this election.

Incumbent President Trump has been traveling to four states a day to canvass for votes and has headed to the Republican National Committee (RNC) offices at 23:00 GMT.

With most of the voters finished voting, the huge uncertainty that has been plaguing investors since the summer finally gradually reveal the answer, the stock market rose.

Polling stations will close from 6 p.m. ET on November 3 to 1 a.m. ET on November 4 (7 a.m. to 2 p.m. PST on November 4), depending on the time zone. Of these, polling stations in several key swing states will close at the following times.

Florida (0800-0900 GMT).

Pennsylvania (9 a.m.).

Michigan and Texas (9:00 – 10:00 PST).

Wisconsin (10:00 PST).

Torsten Slok, chief economist at Apollo Global Management, said.

All markets will be affected by the outcome of the vote over the next day or two, but the clearer the election result, the more settled markets will be.

Fundstrat’s Tom Lee (Tom Lee) also agreed with the view, he said that regardless of the election results announced on Tuesday, the stock market will rise, because the huge uncertainty is removed.

Currently, the major European stock indexes are also up across the board, with Italy’s FTSE MIB up 3.01%, Germany’s DAX up 2.38%, and France’s CAC 40 up 2.44%.

With boots on the ground, the market can finally settle down, after all, there’s nothing financial markets hate more than uncertainty.

BlackRock, the world’s largest asset manager, said the unveiling of the election results could break a series of stalemates at the moment, including the stimulus bill and a trillion-dollar infrastructure package, which will drive stocks higher in the future.

But investors need to be aware that the last time the election results were clear, after the results were announced in Florida, the markets were rocked, with spot gold and spot silver plunging 5.92% that week; this election result could still be unexpected, so investors need to pay close attention and manage risk.