But European stocks fell, with the Stoxx Europe 600 index off 0.5% as the outlook darkened for the region’s exporters. Stocks are rallying “because investors dislike uncertainty more than any candidate”, said Luca Paolini, chief strategist at Pictet Asset Management. Meanwhile, the prospect of tariffs and looser US regulation knocked renewable energy stocks and European car manufacturers while lifting US banks. Trump has positioned himself as the pro-cryptocurrency candidate, pledging to make the US “the bitcoin superpower of the world”. Tesla was up 14% on bets that prominent Trump backer Elon Musk will benefit from the former President’s re-election.

Source: New Zealand Herald November 06, 2024 20:55 UTC