Defying virus and renewed lockdown concerns, last week, the market overall reacted positively to Biden’s Senate win. President Joe Biden and his VP Kamala Harris are likely to start the new presidency within a couple of weeks. Banking stocks seemed to be back in action.
However, ASX 200 traded in red today, weighed down by tech players, banks and miners. It is therefore interesting to evaluate the near-term implication of Biden’s rule on different sectors, including Australia’s banking space.