‘Biden presidency may be good for global trade’

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Credit: Read the original article from Manila Times.

Market analysts have offered mixed views on the possible impact of the still-uncertain outcome of the US presidential election on the Philippines moving forward.

In a comment on Friday, Philstocks Financial Inc. research associate Claire Alviar said equity markets, including Asian ones, were cheering the strong showing of US President Donald Trump’s Democratic rival, former vice president Joe Biden, as shown by their performances.

“We think that it is because some people are speculating that it would be good for global trade or Asian markets if Biden wins, since [it raises hopes that] the US-China trade dispute might deescalate and relationship of the US with Asia could [improve]. But of course, these are only speculation so far,” Alviar said.

The Philippine Stock Exchange index closed the week in the green, climbing by 0.62 percent or 40.92 points to 6,685.69 on Friday.

Diversified Securities Inc. trader Aniceto Pangan believes neither a Democratic or Republican win would substantially alter current US economic policies.

A “Democrat or Republican will not substantially change [America’s] economic policies in our country, with the Trump administration being disruptive with his trade war policies to protect US’ interest as against Biden,” Pangan said.

A Biden presidency would “be more focused on social issues, particularly on human rights issues,” he added.

According to him, either man is likely to continue supporting the Philippines to protect American interests here.

Regina Capital Development Corp. Managing Director Luis Limlingan said the elections would affect the local bourse not so much in terms of its result, but in terms of how long it would take to declare a winner and if a protest erupts.

As of press time, Biden has 253 Electoral College votes while Trump has 213, according to a CNN tally.

A candidate needs to reach the 270 mark —equivalent to 50 percent plus one — to win the presidency.

Biden is currently leading in four of the five so-called battleground states of Georgia, Pennsylvania, Nevada and Arizona.

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