All eyes yesterday were on US elections which turned on to be a really close race. Analysts were counting chances of candidates to win in different states and the story is still not over, however, after winning Wisconsin and Michigan we can be almost sure the Joe Biden will be the next US president. Stocks rallied, S&P gained 2.2%, Nasdaq appreciated by 4.4%. The yield on 10Y USTs lost 15 bps and closed at 0.756%.
Asian markets are following the US, Nikkei added 1%, CSI is up 0.78%, Kospi appreciated by 1.54% this morning.
Oil continued rallying yesterday as the inventories in US decreased. Brent gained 3.8% and reached USD 41.23 per barrel.
Russian Eurobonds traded much higher on Wednesday; long end bonds appreciated by more than 2 points in price. There was a national holiday in Russia that is why RUB ccy was not trading as well as local markets.
SSA space opening up about a point higher across the space continuing the recent trend. The space shook off early concerns of a tight election as Biden cemented his lead over Trump in the US presidential election with a 264-214 lead as at this morning only needing 6 more electoral votes for a victory. While the specter of court contestations from the Trump camp remains, markets appear to be taking it in stride. The only blip in the space is ETHOPI which is down a point as the government has begun military operations in the Tigray region in response to the seizure of an army base by forces loyal to the regional government.