Jul 30, 2024

Biden’s Exit from 2024 Race Leaves Investors Guessing

Key Takeaways

  • Investors were asked their views on Joe Biden leaving the U.S. presidential race
  • Increased uncertainty was primary concern for both the election and markets
  • StoneX’s Head of Market Analysis, EMEA & Asia Rhona O’Connell shares her insight

In a recent article, Reuters asked investors for their reactions to news of the withdrawal of U.S. President Joe Biden from the 2024 presidential race after congressional support and campaign donors began to wane in recent weeks. StoneX's Rhona O'Connell, Head of Market Analysis, EMEA & ASIA, was asked for insights into what this could mean for the markets and the coming election.

"My instinctive reaction," O'Connell said," is that everything in the short term remains up in the air, vis-a-vis the Democrat nomination, obviously. But it may well put some brakes on the Trump locomotive."

Several of the quoted investors shared this view, with others unwilling to speculate beyond remarking on the added certainty or uncertainty the decision brings to the election and market outlooks.

Some said they expected Biden to exit the race, but as for the impact on markets, if any, several said they would prefer to hold their opinion on how the market might react.

O'Connell continued, "As far as risk-off is concerned - tailwinds are stronger for gold, purely on this basis, than headwinds. Some uncertainty [has] been taken away, by definition, as per above. At least it points to a stronger opposition, to which is what every democracy should strive."

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