Markets still relatively sanguine about the election

Hillary Clinton’s recent stumble, both figuratively and literally, appears to have thrown the US presidential election race wide open again. The conventional wisdom is that the markets could react badly to a Trump win, particularly if next January he appeared to be still set on restricting trade. Tariffs would undoubtedly be bad for US multinational profits and consequently the S&P 500 too, but the impacts on Treasury yields and the dollar are more uncertain.