The main events in focus this week both come from the US, with the election on Tuesday, followed by the FOMC interest rate meeting on Thursday.

A Trump victory holds more uncertainty than a Harris victory, and it is questionable how much rhetoric will translate into actual policy. A Harris victory would be more SA beneficial and likely to see a continuation of current trade policies. Unfortunately, neither candidate appears willing to tackle the US’s enormous public debt. Elevated debt levels have become an ever-larger anchor to US economic growth and a risk to financial market stability.