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The Oslo Stock Exchange opened with a decline of 0.3 percent on Friday morning to 842 points, after a number of companies have presented their results for the third quarter. After about a quarter of an hour of trading, however, the stock market rises to a rise of 0.1 percent.
Ahead of the stock exchange opening, Magnus Carlsen’s chess game company Play Magnus also announced that it has entered into an agreement with Eurosport on the European and Asian rights for the 2021 season of the Champions Chess Tour, and the company is rising about 15 percent on Merkur Market.
On Friday morning, the US presidential election is still unclear, with the results from Georgia, Nevada, North Carolina and Pennsylvania not yet complete.
– The election thriller in the USA has not been clarified, but there are still many indications that Biden will be the next president of the USA, writes chief economist Kjersti Haugland in DNB Markets’ morning report on Friday.
– He still leads in both Arizona and Nevada, and has taken on Trump’s lead in Georgia. He can reach the finish line by winning two of these three states, or by taking Pennsylvania, where Trump’s leadership has also shrunk. However, it will take several days before the count is completed.
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Therefore, the markets rose
When trading closed on Wall Street on Thursday, the presidential election was unclear on the second day. It did not seem to bother investors, and the markets responded very positively to the prospect of Joe Biden becoming president – without control of Congress.
According to Haugland’s morning report, this is due to three things:
- That the market was positioned for a number of outcomes, not just a “blue wave”.
- That the stock market often emphasizes the positive. “A still divided congress destroys Biden’s plans to implement a partial reversal of the 2017 tax cuts, and makes it more difficult to get through for stricter regulation of the tech companies,” writes Haugland.
- That the dreaded chaos has become less than feared. Haugland acknowledges that Trump has created nausea during the election, but points out that he gets little attention among Republican leaders. In addition, opinion polls have shown that a clear majority of Americans believe the election is going well.
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