60 seconds on what the US election means for equities
The race for the White House has become closely contested, but what are the main policies that investors should focus on?
The key observation is how close the election has become in the last two or three weeks.
Hilary Clinton started with a substantial advantage, which has deteriorated significantly.
I think people fear a potential Republican congress under Donald Trump and having that ability to transform, but one has to consider the nature of congress.
Paul Ryan - current Speaker of the U.S. House of Representatives and a member of the Republican party - and congress are a pretty rambunctious group that has defied leadership before.
Congress could block Trump's proposals, certainly with the nature of Trump and what he wants to do with the deficit. Remember this is a congress that shut down government for the deficit.
From the perspective of Hilary Clinton, the healthcare issue comes to the fore because of her ambitions towards drug pricing, and I think that would certainly be negative for biotech and pharma.
Important information: The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This article is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get back the amount originally invested. Issued by Schroder Investment Management Limited, 31 Gresham Street, London EC2V 7QA, which is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored.