A swift conclusion to the US presidential race has shifted Wall Street sentiment to risk-on, with the VIX dropping 10% and gold prices falling over 3%. As Republicans edge closer to controlling the House, a potential Red Sweep could facilitate Trump's pro-business policies, benefiting cyclicals and financials.However, concerns linger over possible tariffs on China, reminiscent of the 2018 trade war, which could impact markets globally. In Singapore, banking stocks may drive the Straits Times Index, while Japan faces challenges from potential US tariffs despite its close alliance.
