When it comes to the markets—and just about everything else—the 2020 presidential election is pretty much the only story right now.
And as such we’re in an economic holding pattern until the final result is determined, which most of us believe won’t be the night of November 3. The markets will be “back and forth,” Brian G. Belski, chief investment strategist at BMO Capital Markets told Yahoo Finance, “until we get some clarity and confidence with respect to who’s leading the country.”
The question then becomes—barring a decisive Donald Trump or Joe Biden landslide—when do we know who our next president is (never mind control of the Senate)? Read more…..
Chart of the Day
Oil giant Saudi Aramco has seen a massive 25 percent drop in profits and warns of a ‘challenging’ few months ahead. Among its concerns: production cuts. Saudi Arabia announced on Monday it would deepen cuts by a further 1 million barrels per day… as global demand continues to weaken. It’s a blow for the company which celebrated the world’s biggest ever stock market listing just a few months ago.