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U.S. presidential elections are somewhat irrelevant for the financial markets, says Beat Wittman – the cofounder of Porta Advisors.

Wittman’s remarks in an interview with CNBC

Wittman does not see much of a possibility of an “escalation” both on geopolitical as well as the macroeconomic front.

News related to energy prices, international trade, elections, and even war in Europe and the Middle East are all “digestible” which makes equities the “asset class of choice”, he said this morning on CNBC’s “Squawk Box Europe”.

He’s convinced that investors are used to “trouble” after events that unfolded in recent years – and so, it’s rather difficult to imagine “news moving markets in a negative way” in 2024.  

The benchmark S&P 500 index is currently up close to 6.0% versus its year-to-date low.

Does it matter for markets if Donald Trump is elected?

Wittman is bullish on U.S. stocks primarily because the United States is a strong economy that leads in finance, technology, and has even achieved “strategic autonomy in energy”.

He does not expect markets to be “surprised” even if Donald Trump is elected as the 47^th president of the United States in November 2024. In his interview with CNBC, Wittman added:

 

People expect he’d settle the war in Europe and Middle East – settle everything else and visit autocrats. But it’s not news. So, it’s pretty irrelevant for markets.

Leader Jeffries: House Republicans have produced no evidence that Secretary Mayorkas has broken the law. This is a political stunt and a hit job ordered by two people: Donald Trump and Marjorie Taylor Greene. pic.twitter.com/isc5qekSwB

— House Judiciary Dems (@HouseJudiciary) January 29, 2024

On the macroeconomic front, the Federal Reserve is slated to announce its rate decision tomorrow – January 31^st, 2024.

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