The vote does not scare the stock markets, Europe and futures on Wall Street are rising

The Blue Wave that overwhelmed American President Donald Trump in the mid-term elections is being welcomed with cautious optimism on the stock markets: after an initial phase of slippage, linked to fears about the impacts on investments linked to artificial intelligence, the stock markets are projecting into positive territory almost everywhere while government bonds are also advancing and the dollar is losing ground.

Asian stock markets closed on a positive note, with the exception of Tokyo (-1.4%), penalized by the strengthening of the yen against the greenback.

Positive start for the European stock markets where Milan stands out (+1.2%), ahead of Paris (+0.5%), Frankfurt (+0.3%) and London (+0.1%) while in New York the futures turned positive, with the Nasdaq rising by 0.25% and the Dow Jones by 0.5%.

The Democrats' victory "will make it significantly more difficult for President Donald Trump to get his domestic agenda through Congress. Deregulation, tax cuts and parts of his fiscal agenda will face greater resistance, while tighter control over areas such as AI, cryptocurrencies and large acquisitions becomes increasingly likely", comments Simon Wiersma, chief investment strategist at Ing. For the analyst, the initial reaction of the markets "was more or less what you would expect: shock, selling and then taking a moment to reflect", with the latter "approach" described as "sensible" as "economic growth, corporate profits, liquidity and valuations ultimately matter much more" than "midterm elections".

After the first sales, linked above all to fears of a slowdown in the artificial intelligence sector, a positive sentiment prevailed on the markets, also thanks to the conciliatory attitude of Trump, willing to collaborate with the Democrats, and the easing of tensions in Iran, where the American president has ruled out plans for an immediate attack.

If the stock markets are recovering, bonds that bet on a Congressional brake on Trump's spending plans and, consequently, on the gigantic American public debt are also rising: Treasury yields drop almost 4 basis points, to 4.92%, while Italian BTPs fall by 2.6 basis points to 4.43%.

The dollar is doing badly, falling across all currencies, losing almost 0.5% against the euro, to 1.124 euros, on fears of a slowdown in American growth, while Bitcoin recovers ground (+0.7% to 78,300 dollars), despite the victory of the Democrats representing an obstacle to favorable legislation for cryptocurrencies. Finally, gold is on the rise (+3.3% to 4,034 dollars per ounce), rediscovering its role as a safe haven in phases of market volatility.