by Alessandro Speciale
Investors around the world are betting on a Donald Trump victory in US elections next week, but whatever the outcome more volatility is in store, UBS Group AG Chief Executive Officer Sergio Ermotti said.
As markets are pricing in a Trump win, that would be “a classic sell-on-the-news event,” Ermotti said in an interview with Bloomberg Television’s Francine Lacqua. On the other hand, “if Kamala Harris wins, some of the trades that are ongoing for Trump will probably have to be reconsidered and therefore they are going to create rotations in the market.”
The UBS CEO is not the first top finance executive to remark on investor expectations of a Republican victory. Billionaire investor Stan Druckenmiller has said that markets seem “very convinced Trump is going to win.” Trump is also a favorite in prediction markets, while polls show the race to be too close to call.
Ermotti said that market reaction to the election outcome will also be determined by the size of the victory and if the successful candidate will also end up being in control of the two branches of Congress.
In any case, according to Ermotti, the upshot is that “the US election for sure won’t be an uneventful topic.”
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