Investors are expecting Republican gains in U.S. midterm elections, a result that could ease worries about Democratic spending and regulation but set up a bruising fight over raising the U.S. debt ceiling next year.
Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar, a result that could ease worries about Democratic spending and regulation but set up a bruising fight over raising the U.S. debt ceiling next year., with many of the most competitive races uncalled, leaving it unclear whether Republicans would crack Democrats' tenuous hold on power.
U.S. stock futures were broadly lower as the European trading session got under way, while the U.S. dollar nudged higher , , . Republicans were favored to win control of the House of Representatives, polls and betting markets showed earlier, but Democrats flipped a key Senate seat in Pennsylvania, raising their hopes of holding the Senate. It will be hours or days before enough vote tallies are known to decide the result.
With Democrat Joe Biden in the White House, Republicans taking the House would lead to a split government, an outcome that has been accompanied by positive long-term stock market performance in the past.
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