Donald Trump has defeated Kamala Harris in the US presidential election, with the Associated Press able to declare this victory as early as Wednesday 6 November, European time. US equities rose to new all-time highs, with the small cap segment being the largest winner. Big moves were recorded in currencies and fixed income, with the US Dollar strengthening across the board while US 10-year yields rising sharply to 4.45% reflecting further fiscal slippage. We keep a positive stance on US equities and a cautious view on US duration.

Discover the full analysis here