The US Dow December Futures gave up 300 points to trade in the negative but was back in green later. Bitcoin surged past 14,000 mark for the first time since 2017 and the Chinese yuan tanked. Betting markets flipped in favour of a Trump victory
The race for the White House has turned out to be far tighter against what the pollsters said was going to be a clear win by Joe Biden. The Democratic Party challenger was still ahead of President Donald Trump as of 8.50am IST but it was a close call in the big swing states of Pennsylvania, Arizona, Ohio, Georgia, North Carolina and Michigan.
Biden has grabbed 129 electoral votes while Trump is trailing at 109. A contestant needs to win 270 electoral votes to become the US President.
The markets reacted on the news flow with the US Dow December Futures giving up 300 points to trade in the negative. It recovered later to return to the green. Bitcoin surged past the 14,000 mark for the first time since 2017 and the Chinese yuan tanked. Betting markets flipped in favour of a Trump victory.
The race is too tight in Florida, the state with a high number of electoral votes at 29, though Trump is ahead there with more than 90% of the votes counted. Florida has voted for the incumbent for more than a century. It may be noted that Biden doesn’t have to necessarily win Florida to enter the White House.
Data at several US news outlets pointed out to the US President holding sway over Hispanics, Blacks and a section of Latin Americans. Biden seemed to be doing better with the elderly whites, probably the covid factor playing a role there.
The world’s largest economy saw its highest voter turnout in more than a century with 160 million people voting, accounting for a 67% turnout.
Trump has so far won Arkansas, Kentucky, Louisiana, Mississippi, Nebraska, North Dakota, Oklahoma, New Mexico, South Dakota, Tennessee, West Virginia, Wyoming, Indiana and South Carolina.
Biden has won New York, Virginia, Vermont, Illinois, Maryland and Massachusetts.
The Democrats have retained control of the House of Representative which means that if Trump returns to power, the stalemate over the fiscal stimulus could linger. The Republicans will have control of the Senate.
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