Hope for four years of stability after Biden inauguration
Published 21-JAN-2021 09:25 A.M.
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2 minute read
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Joshua Mahony, Senior Market Analyst at IG, discusses Joe Biden's inauguration and what it means for markets over the next four years..
The pomp and ceremony of inauguration day has come with a similarly chipper outlook from European markets, with traders hoping this marks the beginning of a more stable four years.
European markets are preparing looking forward with optimism this morning, with Joe Biden’s inauguration marking the end of a four-year period that married up both Brexit and global trade uncertainty.
Four years ago, Donald Trump kicked off his Presidency with a disputed claim of a record attendance, yet with Biden telling supporters to stay at home to avoid the risk of infection, today will be a very different affair.
The question for markets is just how that political division translates into congress, with Biden hoping that Democrats will vote along party lines to help him push through a raft of grandiose spending packages.
With the FTSE 350 gainers being dominated by high-street and service sector names such as Restaurant group, Mitchells & Butlers, and WH Smith, there is a clear feeling that the current suffering provides a buying opportunity for those willing to wait it out until H2.”
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