T3’s Take 3: Will the Fat Lady Sing on Trump vs. Clinton? – T3 Live
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T3’s Take 3: Will the Fat Lady Sing on Trump vs. Clinton?

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1) Advantage Hillary

For the second straight day, traders bid up stocks ahead of what look like a win for Democratic Presidential candidate Hillary Clinton.

Pollsters indicated that Clinton was likely to win key states like Ohio, Florida, and Pennsylvania, which would imply an easy victory over Republican candidate Donald Trump.

Clinton is the market-friendly choice due to Trump’s wild card nature, so traders were happy to take on more risk ahead of tonight’s election, especially in one currency that’s been in close focus….

2) Mexican Peso Rips!

The Mexican Peso jumped 1% to hit a 2-month high against the US dollar today as markets continued pricing in a loss for Trump, who is not viewed as Peso-friendly.

Equities followed through, with the S&P 500 rising 0.4% to 2139.53.

Utilities led the winners’ column despite a rally in US Treasury yields. Industrials, technology, and tech names also performed well.

Pharmaceutical stocks dropped on Clinton’s lead, since she has been critical of drug company pricing practices. Retail, regional banks, and homebuilders were also weak.

3) It Ain’t Over Till the Fat Lady Sings

While the market seems to have made up its mind on the election, I would not count Trump out until the official tally is in.

This morning, influential pollster Nate Silver said that there is a higher-than-usual risk of polling errors because so many voters are undecided.

Also, Trump sued the registrar of voters in Clark County, Nevada over a potential violation at a polling location. This raises the possibility that Trump will not go quietly if he loses.

But most importantly, remember that just a year ago, no one though Trump had any chance of winning the Republican primary, let alone the election.

Yet here we are at the finish line, and he’s still in the game.
So anything is possible.

And don’t forget the Brexit.

No one saw that coming…

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Global Economic Calendar

12:00am JPY Economy Watchers Sentiment: exp. 44.4, prior 44.8
4:30am GBP Goods Trade Balance: exp. -11.3B, prior -12.1B
5:00am EUR EU Economic Forecasts   
9th-12th USD Mortgage Delinquencies: prior 4.66%
10:00am USD Final Wholesale Inventories m/m: exp. 0.20%, prior 0.20%
10:30am USD Crude Oil Inventories: prior 14.4M
1:00pm GBP MPC Member Haldane Speaks   
3:00pm NZD Official Cash Rate: exp. 1.75%, prior 2.00%
3:00pm NZD RBNZ Rate Statement   
3:00pm NZD RBNZ Monetary Policy Statement   
4:00pm NZD RBNZ Press Conference   
6:50pm JPY BOJ Summary of Opinions   
6:50pm JPY Core Machinery Orders m/m: exp. -1.80%, prior -2.20%
6:50pm JPY M2 Money Stock y/y: exp. 3.60%, prior 3.60%
7:00pm AUD MI Inflation Expectations: prior 3.70%
7:01pm GBP RICS House Price Balance: exp. 18%, prior 17%
7:30pm AUD Home Loans m/m: exp. -1.50%, prior -3.00%

Earnings

Before Open:

DISH Network (DISH)
Mylan (MYL)
Norwegian Cruise Line (NCLH)
Viacom (VIAB)

After Close:
Exone Co (XONE)
NetEase (NTES)
SolarCity (SCTY)
SunPower (SPWR)
VIVUS (VVUS)