Stocks mixed as poll tilts to Biden

By Reuters

Global stocks held near a record high yesterday while bets that a divided US Congress would hinder government borrowing and pave the way for even more Federal Reserve stimulus kept the dollar and US bonds sluggish.

Markets were also awaiting the release of the US non-farm payrolls report for October later in the session.

Investors expect Democrat Joe Biden will beat President Donald Trump but that Republicans will keep control of the Senate, allowing them to block Democratic policies such as corporate tax hikes and debt-funded spending on infrastructure.

“From here, we believe the impact of the presidential result should be relatively small,” said Lars Kreckel, global equity strategist at LGIM.