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Added on the 25/05/2019 10:51:00 - Copyright : Euronews EN
President-elect Joe Biden on Monday said that his transition team is facing ongoing roadblocks. The roadblocks come from President Trump's political leadership at the Pentagon. Several of the blocks also come from the Office of Management and Budget, says Business Insider. "Right now, we just aren't getting all the information we need from the outgoing administration in key national security areas." Biden over the past week has repeatedly expressed concern about the lack of access he's received. The shutout follows alongside the SolarWinds hack and amid tensions with Iran.
On Tuesday, global stocks jumped after Donald Trump authorized President-elect Joe Biden's presidential transition process to begin. On Monday, Trump took a significant step toward acknowledging the election result. However, Business Insider reports, he is still convinced he and his allies can continue to contest the outcome. Another key factor driving the boost is Biden's planned nomination for former Federal Reserve chair Janet Yellen as Treasury Secretary. AstraZeneca's vaccine is helping drive oil prices to their highest levels since March.
The Trump campaign's efforts to overturn the election results are widely seen by Wall Street as a desperate sideshow destined to fail. But CNN reports JPMorgan is telling clients, 'Not so fast.' After all, this is 2020. According to CNN, JPMorgan Asset Management's Michael Cembalest says there's still a chance that this process could descend into chaos. The chairman of market and investment strategy warned in a report Wednesday of the "remote risk of an American horror story" and "constitutional mayhem." The Market and Investment Strategy chairman pointed to President Donald Trump's Tuesday night firing of the top US election security official. He also noted Attorney General William Barr's decision to authorize prosecutors to probe alleged voter fraud. Bottom line: a LOT of very unorthodox things have to happen for Trump to be reelected. Even so, I'm not ruling anything out. Michael Cembalest Chairmain, Market and Investment Strategy, JPMorgan Asset Management
US stock markets opened with optimism Tuesday, as tens of millions of Americans head to the polls to decide who will be the next US president. According to Markets Insider, analysts say the upward bounce was a reaction to the end of the uncertainty surrounding who will get the top job. Fundstrat's Tom Lee said in a note to clients on Tuesday that the result would rally stocks, regardless of who won. If Democratic nominee Joe Biden wins, Lee expects a 10% rally. A surprise win for President Donald Trump could jolt stocks 15% to 17% higher. Asset manager BlackRock says that from ending political gridlock to producing sorely needed stimulus packages, the outcome could trigger an upturn.
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