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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Nov 4, 2016
Asian Stocks plummet with European futures ahead of NFP

A global stocks selloff continued today as oil prices held near a one-month lows and investors sought safe haven assets ahead of next week’s U.S. presidential election. Asian stocks head for a bearish close with all major indices trading lower while European stocks are also set to open lower following declines overnight on Wall Street as investors await the all-important U.S. jobs report, which is one of the last key economic measures before voters elect their next U.S. president. U.S. employment is expected to increase by 178,000 jobs for the previous month after climbing by 156,000 jobs in September. The unemployment rate is expected to fall to 4.9 percent from 5.0 percent.
In today’s futures trading Germany’s DAX, U.K.’s FTSE 100 and the Euro Stoxx are seen opening 0.1 percent lower while France’s CAC 40 is set to open 0.2 percent lower as of 7:40 GMT.

RBC says a Trump presidency would lead to stronger dollar and higher risk aversion

RBC strategists have suggested that a Trump victory would lead to higher risk aversion but strengthen the U.S. dollar would strengthen on the potential of a repatriation tax. The broader USD weakness would disappear if Trump were to win the presidency according to the firm while reaction will be more muted if Clinton wins. If Trump is quick to concede to Clinton’s victory, it would likely renew risk appetite as well as prompt modest USD strength since a Fed rate hike in December is almost certain. The firm also suggested that an inconclusive result or messy transition would keep investors on the sidelines for longer, thus causing the Japanese yen to rally and increase market volatility.

Trade relationships with the US ripe for the taking post-Brexit

Following the Brexit vote, the British government appears very keen to boost the prospect of reaching a bilateral trade agreement with whoever wins the US presidency on 8 November. The Department for International Trade has already revealed its intention to open three new trade offices in the US for those seeking to take advantage of its opportunities. It is worth noting that the U.K. and the US already nurture one of the strongest trade relationships in the world, which is estimated to account for more than $1tn every year. Any newly defined bilateral trade agreement between the US and UK could be politically charged if it welcomes the controversial Transatlantic Trade and Investment Partnership (TTIP), its supporters suggest that by loosening regulations all businesses will flourish for both countries.