Global stock markets rallied sharply on Monday, after Biden was named U.S. president-elect over the weekend, and were, with forecasts of a Democratic "blue wave" — which many financial analysts had expected — quashed. The projected Democratic House and a Republican Senate also look likely to limit the amount of dramatic policy change Biden could enact as president.David Henry, investment manager at U.K.
However, asset manager BlackRock said Monday that a Democratic takeover of the Senate looked unlikely. As such, it said a split Congress would constrain the ability of a Biden administration to introduce a larger economic stimulus package, public spending, tax or health reform, and climate related-legislation.
According to Willem Sels, chief market strategist at HSBC Global Private Banking, technology and healthcare stocks were likely to benefit, as markets have "feared more regulation" in these sectors.
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