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: This communication is marketing material. The views and opinions contained herein are those of the named author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This document 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 Schroder Investment Management Ltd (Schroders) does not warrant its completeness or accuracy. The data has been sourced by Schroders and should be independently verified before further publication or use. No responsibility can be accepted for error of fact or opinion. This does not exclude or restrict any duty or liability that Schroders has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system. 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 guide to future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Any sectors, securities, regions or countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. Forecasts and assumptions may be affected by external economic or other factors. Issued by Schroder Unit Trusts Limited, 31 Gresham Street, London, EC2V 7QA. Registered Number 4191730 England. Authorised and regulated by the Financial Conduct Authority.