The writer is chief strategist at UBS Investment Bank
“Trump trades” have been stirring this year and have recently picked up pace. For example, amid strong gains in equities overall financials, seen as beneficiaries of deregulation under a Republican president, have outperformed renewables, a sector that a Democrat in the White House would favour.
The market seems to be using the template of Donald Trump’s first term to position for a potential second. This would be a mistake. The context today could scarcely be more different to 2016’s “red wave”.
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