INSUBCONTINENT EXCLUSIVE:
Investors celebrated Joe Biden's US Presidential victoryInvestors and financial executives took a big sigh of relief on Saturday after major
networks declared Democrat Joe Biden winner of the U.S presidential election, offering some certainty after days of conflicting reports
about who might run the White House next term
Although current President Donald Trump said he would fight the results in court, Wall Streeters who offered comments felt there was little
doubt Biden would ultimately succeed
Election predictors including the Associated Press, NBC, Fox News and Edison Research, upon which Reuters relies, called the presidency for
Biden."Biden is good news for the markets," Christopher Stanton, chief investment officer at Sunrise Capital Partners, said on
Saturday."We're all so tired of the whipsaw that came with the Trump tweets."Major U.S stock indexes registered their biggest weekly gains
since April this week, as investors bet Biden would win and Republicans would hold onto the Senate
That scenario would create a steadier hand in the Oval Office and a Congress that would check left-leaning impulses on taxes or regulations
that pinch companies, investors said
However, there are lingering risks to asset prices in the days and weeks ahead.Republicans have already filed several lawsuits over ballot
counting and Trump said his campaign will file more
The litigation could drag out election proceedings
Investor focus also now turns to the Senate, which remains undecided ahead of two runoff elections in Georgia on Jan 5
The significance of those races, which could potentially end up with the Democrats controlling all three of the White House, Senate and
House of Representatives, means January is "the new November" in terms of election volatility risk, Michael Purves, founder and CEO of
Tallbacken Capital, said in a note to clientsPurves said that was evident when looking at contracts for the stockmarket's fear gauge, the
VIX, stretching out into the months ahead
Beyond those battles, investors have been worried about the people Biden might appoint to his Cabinet
Some of those officials would be negotiating with Congress about a relief package and have extensive powers to craft Wall Street rules
Current U.S Federal Reserve governor and former McKinsey consultant Lael Brainard's name has been floated as a potential Treasury Secretary,
while Biden has already tapped former derivatives market regulator and Goldman Sachs Group Inc banker Gary Gensler for advice on financial
regulation.For the moment, investors and prominent Wall Street figures said they were happy with the election finally being called after
what seemed like unending tension as ballots were counted through the week."Now is a time for unity," JPMorgan Chase - Co Chief Executive
Jamie Dimon said in a statement, "We must respect the results of the U.S presidential election and, as we have with every election, honor
the decision of the voters and support a peaceful transition of power." Leon Cooperman, a billionaire former hedge fund manager who had
previously criticized Democrats said he was pleased with the results."It's a signal to the world that America has not changed its values,"
said Cooperman, of Omega Family Office"That's a good thing in my view."Robert Wolf, a major Democratic donor and former UBS Group AG
executive who now runs 32 Advisors, was enthusiastic: "I am ecstatic, relieved and deeply hopeful for the future of this country," he said
Billionaire investor Bill Ackman wrote on Twitter: "There comes a time in the battle when one should fold the tent," and urged: "Concede
graciously and call for unity." The financial industry was not reacting in a bubble: major cities from New York to San Francisco erupted in
celebration on SaturdayThough Trump undoubtedly has significant support throughout the country, including on Wall Street, 2020 has been a
difficult year for the United States
The coronavirus pandemic has taken a huge toll on the country, killing some 236,250 people so far, while social unrest over the police
killing of George Floyd, a Black man, has only hardened divisions that already existed.Many voters were hoping for a decisive election that
would offer some calm, whichever candidate they cast ballots for.Mohamed El-Erian, Allianz Group's chief economic adviser, said he hoped a
Biden administration could work with Congress to get a handle on the pandemic and pass an economic stimulus package for struggling
Americans."The country needs to come together to deal better with a surge in Covid infections that risks the loss of more lives, greater
disruptions to livelihoods, and long-term economic, institutional and social scarring," he said.
