Betting Markets Take Trump Ride with Harris Faltering
Donald Trump
Stock Markets Extend Gains Amid Cues of Trump Leading over Harris
By S Jha
New Delhi, November 6: The online betting websites in the US have given a sharp surge to former President Donald Trump. The Republican’s probability to win the US Presidential elections sharply spiked after Trump won large states.
Edward Lee of the Financial Times in a post on X said: “Betting markets swinging sharply to Trump.” His claim came after a number of betting websites quoted odds over 75 per cent for Trump to win the elections.
The betting markets have sharply gone in favour of Trump despite the American media predicting a nail-biting finish. The surge for Trump in the betting markers came on the back of his winning big states of Florida, Texas, and Ohio.
Also Read: Long Night in US As Trump Takes Early Lead over Harris
Forbes in a report said that Polymarket, the blockchain-based site, predicted Trump to win with 79 per cent implied odds against Harris’ 22 per cent. There are several other online betting websites in the US who are taking bets on the US Presidential elections.
The US Stock Markets closed the session with gains on Tuesday. The Asian markets were trading higher, tracking the US Presidential elections. The Hong Kong stock Market Hang Sang was trading lower.
Market participants are claiming that the stock market gains may extend after the outcome of the US Elections. Yet, China watchers are keeping fingers crossed. They argued that a Trump presidency may mean a sharp revival of trade war between the US and China.
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The Mexican currency Peso plunged sharply amid reports of Trump surging in leads over Harris. Trump has warned tight control over immigration and imports from Mexico. Trump lately had been speaking of his plans to impose over 30 per cent tariffs on Mexican imports.
Trump had also vowed to throw the illegal immigrants out of the US. His campaign spotlighted the violence by the illegal immigrants. Mexico accounts for the largest migrant diaspora in the US followed by India.
Trump had made a fervent pitch to appeal to the Indian Americans in his Diwali message. The 2.6 million Indian American voters were projected to play a key role in the outcome amid prospects of the nail-biting finish. Trump had said that he would work to strengthen relations with India by working with his “good friend Prime Minister Modi”.
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