PROTESTS MAYBE LAST STRAW FOR U.S. GLOBAL STATURE

“U.S. President Donald Trump’s approval ratings have dropped because of these internal protests. The markets are starting to see a heightened chance that Joe Biden wins the U.S. presidential election, but there is a lot of uncertainty around that and around whom Biden would choose for vice president.

“Even if Biden did win, the United States and China will continue to clash over issues like technology.

“It is becoming more difficult to see U.S. markets rallying further from here, but at the same time we don’t expect a big decline, so the S&P 500 could be rangebound.”

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