60 seconds on what the US election means for equities
The race for the White House has become closely contested, but what are the main policies that investors should focus on?
The key observation is how close the election has become in the last two or three weeks.
Hilary Clinton started with a substantial advantage, which has deteriorated significantly.
I think people fear a potential Republican congress under Donald Trump and having that ability to transform, but one has to consider the nature of congress.
Paul Ryan - current Speaker of the U.S. House of Representatives and a member of the Republican party - and congress are a pretty rambunctious group that has defied leadership before.
Congress could block Trump's proposals, certainly with the nature of Trump and what he wants to do with the deficit. Remember this is a congress that shut down government for the deficit.
From the perspective of Hilary Clinton, the healthcare issue comes to the fore because of her ambitions towards drug pricing, and I think that would certainly be negative for biotech and pharma.