Cinemagoers have in recent years been treated to the daft yet watchable Alien vs Predator and Superman vs Batman movie franchises but nothing compares to the Frankenstein-esque beasts of US and UK politics which have been thrust on voters both sides of the pond – a tragi-comic blend of “the West Wing” versus “Yes Minister” with more twists and sub-plots than a John le Carré novel.
Global equities, currencies and bond yields have increasingly been beating to the drum of the latest national and state polls, with macro data playing second fiddle for the time being. Risky assets, including equities and emerging market currencies, and in particular the Mexican Peso, have rallied in the past 48 hours on (albeit slim) evidence that Hilary Clinton has the edge over Donald Trump in opinion polls and early voting. Conversely, safe haven assets including US Treasuries across the maturity spectrum, the Japanese Yen and gold have sold off as we head into the last day of campaigning.
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