There is a story of immense importance to global markets that’s been buried by headlines of the coronavirus outbreak: the US presidential election. As Bernie Sanders appeared to canter to the Democrat nomination, the risk of an unashamed socialist in the White House was real. Wall Street didn’t like this idea, nor did Silicon Valley. Joe Biden’s success in the last day - and a perceptible shift by the Democrat Party back to the centre for which Mike Bloomberg deserves enormous credit – helped fire US equities yesterday.
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