US Election Result Commentary
Donald Trump’s election as the next U.S. president was not a popular choice for capital markets. However, it appears to represent the average American’s demand for change. Bond, stock and currency markets were very volatile during 24 hours leading up to the election. Stocks are 2-3% higher from the lows, while bonds, foreign currencies and gold bullion are 2-3% lower from their highs. Market reaction calmed following Trump’s victory speech, which was a lot more modest than his campaign speeches.