Investors must prepare for the impact of looming tax hikes and a potential slowdown in corporate growth plans amid the apparent growing likelihood of a Joe Biden victory in November's US Presidential election, managing director of £28bn AUM French asset manager Carmignac Didier Saint-Georges has said.
Saint-Georges, who is also a member of Carmignac's strategic investment committee, told those on a call focussed on the firm's macro outlook for the second half of 2020 that while Biden "is a very moderate man, his programme is not so moderate", and could serve to unwind half of President Donald Trump's tax cuts which saw US equity markets soar in 2017. Managers dismiss sell-side concerns as US equities near tech bubble highs He said: "Something quite major is happening here. The prospects for Trump in the next election have weakened considerably - his management of the pandemic and o...
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