Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP
Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why Donald Trump vs Joe Biden in US election should keep investors on their toes

  • The twists and turns so far of the divisive contest, amid a global pandemic and widespread economic pain, are not yet reflected in buoyant financial markets
  • But the result will be consequential, especially given the possibility of the incumbent refusing to concede defeat. The risks should not be so easily dismissed

Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP
Supporters of US President Donald Trump stand for the national anthem before a campaign rally on August 18 in Yuma, Arizona. Trump is currently trailing his Democratic rival Joe Biden in the polls but it would be a mistake to write off his chances. His base is more passionate about him than Democrats are about Biden. Photo: Getty Images / AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.