MarketDeal24.Com – Democrat candidate Joe Biden has won the much-awaited US presidential election by defeating Republican candidate Donald Trump. Biden received a total of 290 electoral votes, compared to Trump’s 214. It remains to be seen how the market will react to Biden’s presidency.
Experts hope that Biden’s victory could lead to a fall in the stock market and a rise in the value of the US dollar. Meanwhile, the US Senate is once again going to be occupied by the Republicans where the Democrats have won as the House of Representatives.
The U.S. Consumer Price Report will be released this week, highlighting the slowdown in their inflation rate, which is below the 2% set by the Federal Reserve. In addition, preliminary results from Michigan Consumer Sentiment will be announced, where it is expected that there will be some improvement in sentiment even within the election. Also Producer Price, JOLT’s new job report, the government’s monthly budget will be released this week.
In the US, Mexico could keep their interest rates unchanged at Tuesday’s meeting. Mexico’s interest rates and industrial output and Brazil’s retail trade will be released this week.
Negotiations on Brexit between the European Union and the United Kingdom will resume this week, as both sides want to move to an agreement where the two sides can have an equally lucrative position.
Meanwhile, the UK’s third quarter GDP, industrial production, foreign trade, construction output and job reports will be published. The economy is expected to recover at a significant rate by September, after falling to record levels last quarter. However, according to the ONS, GDP growth has slowed and the unemployment rate for the second phase of coronavirus infection has reached its highest level in four years.
In addition to the third quarter GDP of the euro zone, foreign trade and industrial production; German investor sentiment, foreign trade and wholesale prices; Third quarter GDP of the Netherlands, Poland and Russia; Third-quarter unemployment in Grans; Unemployment in Switzerland; Reports on inflation in Sweden and Ireland and in Turkey’s industrial activity, retail trade and unemployment rates will be released this week.
In Asia, China will release its Consumer and Producer Prices, where the market expects their inflation rate to fall to its lowest level since 2016. In addition, economic guidance, foreign investment and vehicle sales reports will be published.
The Bank of Japan will release the views of its board members at its October meeting. Also Machinery Order, Producer Price, Reuters Tanken Index will be published.
Australian investors, meanwhile, will look to NAB’s business confidence and Westpac’s consumer confidence. New Zealand’s central bank will hold a meeting on their economic policy on Wednesday.