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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/market-turbulence-looms-as-biden-steps-down-endorses-harris-for-2024-bid/
Financial markets are bracing for turbulence following US President Joe Biden’s surprise announcement that he is ending his reelection campaign and endorsing Vice President Kamala Harris, according to the CEO and founder of a leading global financial advisory and asset management firm.
In an unprecedented move that has reshaped the 2024 election landscape, Biden stated in a written statement on Sunday that stepping down was “in the best interest of my party and the country,” citing the tumultuous period in US politics since his disastrous debate against Donald Trump in June. Biden has pledged to remain in office until January.
The CEO of deVere Group noted, “This announcement introduces a new variable into the 2024 election equation, putting markets on edge. With Biden’s withdrawal, the primary question for investors is whether to continue betting on the ‘Trump Trade.’”
‘Trump Trade’ refers to market behaviours during Trump’s presidency, driven by looser fiscal policies, deregulation, higher tariffs, and infrastructure spending.
“The impact of these policies included a rising dollar, higher bond yields, gains in sectors like banking, healthcare, energy, and industrials, and increased interest in Bitcoin,” observed Nigel Green.
“As Vice President Harris assumes prominence, markets face increased uncertainty. The immediate challenge for investors is assessing Harris’s ability to consolidate party support, secure the Democratic nomination, and mount a robust campaign against Trump,” Green added.
“If Harris gains traction and poses a credible threat to Trump in polls, market volatility is expected to persist. Investors will closely monitor political developments, adjusting portfolios to hedge against risks,” Green advised.
The key for investors will be agility, diversifying portfolios to manage risks and seize opportunities amid ongoing volatility driven by political uncertainty.
“Biden’s decision and Harris’s entry have set the stage for a turbulent market. Whether Harris can mount a successful challenge against Trump will dictate the extent and duration of market volatility,” Green concluded.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/market-turbulence-looms-as-biden-steps-down-endorses-harris-for-2024-bid/
