Citi votes for Banks, whoever gets the White House
Nasdaq up >1%, S&P 500 up ~0.5%, Dow dips into the red
Tech leads S&P 500 sector gainers; Financials weakest group
Euro STOXX 600 index ~flat
Dollar edges up; crude up >1.5%; gold ~flat; bitcoin dips
U.S. 10-Year Treasury yield edges up to ~4.22%
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CITI VOTES FOR BANKS, WHOEVER GETS THE WHITE HOUSE
Citi's global asset allocation group is bullish on banks ahead of the U.S. elections, upgrading the sector to overweight while it downgraded consumer discretionary.
Citi likes banks due to a favorable macro-environment and potential for de-regulation. The argument is that banks tend to benefit from a steeper yield curve and "may have a de-regulatory tailwind in a Republican victory."
But regardless of the outcome on Nov. 5, Citi sees "good fundamental reasons" for out-performance so a Donald Trump Presidential victory would just be bringing "further tailwind from de-regulation." However they noted that loosening of Basel restrictions have already benefited the sector.
As for consumer discretionary, Citi revises its rating down to neutral from overweight in the wake of recently strong earnings.
Still, the latest calls weren't evident in Friday's stock moves with the S&P 500's consumer discretionary index .SPLRCD up 0.9%, while S&P 500 banks index .SPXBK is down more than 1%.
Citi also suggested that it may be time to take profits on some Trump trades.
(Sinéad Carew)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
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