European Stocks Underperform Global Peers Amid Trump's Victory

Economic

Political

Summary:

Global stock markets are set to end the week on a strong note amid the US election and China's highly anticipated additional stimulus measures. However, European benchmarks underperformed global peers due to economic concerns and political instability.

Despite a broad rebound in European stock markets on Thursday, major benchmarks remained under pressure following Trump's victory in the US election on a weekly basis.

The pan-European Stoxx 600 index was flat for the week, contrasting with a 4.3% surge in the S&P 500 and a 5.6% rally in the China A50. This underperformance underscored the European economy's fragility in response to external factors. Trump's pledged tariffs have certainly spooked European markets, with Germany's political uncertainties compounding the downside pressure.

Europe

The week has been overshadowed by the US election, with European markets largely reacting to political events.

Economic data did provide some encouraging insights into the eurozone's economic trajectory. The final services PMIs and manufacturing PMIs for October were both revised upwards, though business activity in manufacturing remained contracted.

Notably, Germany saw improvements in both sectors and, more encouragingly, its factory orders rose by 4.2% month-on-month in September, the highest increase since December 2023. However, this improvement could be undermined if Trump imposes additional tariffs on European goods.

European stock benchmarks were mixed over the week as of Thursday's close. The Euro Stoxx 600 fell 0.2%, Germany's DAX rose by 0.56%, France's CAC 40 edged up 0.22%, while the British FTSE 100 slipped by 0.45%.

On the earnings front, shares of Novo Nordisk slumped to a 10-month low following disappointing guidance, despite strong sales growth for its weight-loss drug, Wegovy.

Europe's largest company saw its shares fall 5% this week, marking a 43% decline from its all-time high in January. Siemens Healthineers' annual revenue and profit growth outlook for the fiscal year 2024 met estimates, sending its shares surging 9% this week.

Meanwhile, the euro plunged against the US dollar, as well as weakening against other G10 currencies, suggesting that the European Central Bank (ECB) may need to accelerate its rate cuts to support the region's economic growth. Trump's tariffs could potentially exacerbate economic challenges for the eurozone, as well as impact China, the EU's primary trade partner.

In the UK, the Bank of England cut interest rates by 0.25% as expected, marking the second reduction this year. However, the decision did little to lift British stock markets, as Governor Andrew Bailey noted the bank’s need to maintain a gradual approach to policy easing. Economists remarked that UK Finance Minister Rachel Reeve's announcement of £40bn in tax hikes, along with potential Trump tariffs, could place upward pressure on inflation.

Wall Street

US stock markets were buoyed by the US election and the Fed's rate cut this week, with the S&P 500 posting the best election day rally ever and the best Fed day surge in 2024. The index has risen 4.3% over the week so far, achieving a record high for the 49th session this year. The Dow Jones Industrial Average rallied 4%, and the Nasdaq jumped 5.3%.

Wall Street's performance reflects investors' continued optimism amidst a resilient economy, pro-growth fiscal policies, and accommodating monetary policy.

Meanwhile, sector rotation highlights changes in fund allocations based on the economic cycle. Growth sectors benefiting from tax cuts and risk-on sentiment, including Technology, Consumer Discretionary, and Communication Services, were among the top performers, while interest rate-sensitive sectors, such as Real Estate, Consumer Staples, and Utilities, were lower due to expectations that the Fed may slow down rate cuts.

Trump's proposed policies, such as tax cuts, deregulation, and higher import tariffs, along with a potential Republican sweep in Congress, point towards higher inflation and a strengthening US dollar.

Asia-Pacific

Stock markets across the Asia-Pacific region also experienced strong gains over the week, with a broad-based rally. Chinese mainland stock markets were particularly robust, with the SSE Composite Index surging 6.3% this week, amid optimism over additional stimulus measures expected to be announced at the parliamentary meeting on Friday. Chinese economic data was also unexpectedly strong, with exports rising by 12.7% in October, marking the highest increase in 19 months.

Other regional markets also rose on a weekly basis, buoyed by optimism surrounding China, with the ASX 200 up 2.3%, the Nikkei 225 climbing 3.8%, and the Kospi gaining 1.26%.

Source: Euronews

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Economic

Asian stocks pared early gains on Friday as investors cautiously turned their focus to stimulus announcements from China later in the day with Beijing's week-long legislative meeting drawing to a close.

Regional equities had started the day by tracking Wall Street's overnight rise to record highs, with investors digesting the Federal Reserve's message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump.

U.S. Treasury yields pushed to new lows in Asian hours, keeping the dollar under pressure after its biggest decline versus major peers in more than six weeks on Thursday.

An MSCI gauge of Asia-Pacific stocks was up 0.33% as of 0552 GMT, after earlier rising as much as 0.78%.

The index remained on track for a 2.7% rally this week, after quickly recovering from a knee-jerk dip on U.S. election night, which spurred worries of debilitating trade tariffs, not least in China.

Optimism for a stimulus response from Beijing kept Chinese stocks buoyed over the course of the week, including a 3% rally for mainland blue chips on Thursday.

Blue chips were last down 0.5%, reversing gains of as much as 1.3% from earlier. Hong Kong's Hang Seng declined 0.6%.

The National People's Congress Standing Committee meeting concludes on Friday with officials due to hold a briefing. Sources previously told Reuters that Chinese fiscal spending could be increased in the event of a second Trump presidency.

However, DBS's China economist Tao Wang doesn't expect the announcement of a full stimulus package at the briefing, as Chinese leaders need time to assess the timing and impact of any U.S. policies on the country, according to a client note.

DBS's China equity strategist James Wang said Chinese stocks are "skewed to the downside in the near term, and the market is not fully pricing in a 60% tariff implication", the note said.

Japan's Nikkei added 0.6%, up 4.1% for the week.

Australia's stock benchmark climbed 0.8%, and Taiwan's benchmark gained 0.6%. South Korea's Kospi slipped 0.2%.

Futures for Britain's FTSE and Germany's DAX were each up about 0.2%. The FTSE lost 0.32% on Thursday after the Bank of England signalled the risk of higher inflation.

Global stocks, led by Wall Street, are on course for a 3.3% weekly advance, and stand at a record high.

Trump swept back to the White House on Tuesday with Republicans taking back the Senate and potentially increasing their House majority, although votes are still being counted. The outcome defied polls that predicted a neck-and-neck race with Democrat Kamala Harris.

Investor expectations that Trump would lower corporate taxes and loosen regulations sent all three major Wall Street indexes to record peaks on Wednesday, and the S&P 500 and Nasdaq extended those highs on Thursday, with Fed Chair Jerome Powell signalling continued, patient policy easing. The Dow ended flat.

Powell said Tuesday's election, which will put in the White House a president who has pledged widespread deportation of immigrants, broad-based tariffs and tax cuts, would have no "near-term" impact on U.S. monetary policy.

U.S. two-year Treasury yields , which are highly sensitive to monetary policy expectations, edged down to 4.2016% on Friday, compared with a more than three-month high of 4.3120% on Wednesday.

The dollar index , which measures the currency against six major peers, ticked up slightly to 104.53, but that followed a 0.7% drop on Thursday, its biggest since Aug. 23. On Wednesday, it soared 1.53%, the most in over two years.

"Markets have already gone through the 'honeymoon period' for the president-elect, and USD and U.S. rates now are in the 'window period', when they consider the policy outlook," said Shoki Omori, chief Japan desk strategist at Mizuho Securities.

"The key is whether the president-elect and his team want more fiscal issuance next year," and market participants will again need to be alert for potentially market-moving posts from Trump on social media, Omori said.

Bitcoin was flat at around $76,000, following a nearly 10% surge this week, hitting a record peak of $76,980 on Thursday. Trump has vowed to make the United States "the crypto capital of the planet".

Gold struggled to make any additional headway following its rollercoaster week, easing 0.6% to $2,691 in the latest session. It slumped more than 3% on Wednesday, but bounced 1.8% overnight. Last week it surged to an all-time high of $2,790.15.

Oil prices declined on Friday, following gains of about 1% overnight as the market weighed how Trump's policies would affect supplies and as drillers cut output while bracing for Hurricane Rafael.

Brent crude oil futures were last down 0.53% at $75.23 a barrel, while U.S. West Texas Intermediate (WTI) crude eased 0.65% to $71.89.

Source: Reuters

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Stocks

ESG vs. impact investing – key differences

Understanding the distinctions between ESG integration and impact investing is crucial for institutional investors. As per Preqin’s methodology, for the purposes of this article we differentiate the two types of funds under the following:

ESG integration involves incorporating environmental, social, and governance factors into the investment process, but it’s primarily focused on financial performance. ESG funds may exclude harmful sectors, but their overarching goal is still profit maximization.

Impact investing in contrast, is explicitly focused on achieving measurable social or environmental outcomes. These funds often target sectors like renewable energy, education, or healthcare, where the primary goal is positive societal impact, with financial returns being secondary.

IRR and TVPI – A closer look

To understand the implications of different fund types, it’s important to look at their historical performance. For the purposes of this article, we have used Preqin’s definition of what constitutes ESG-integrating and impact funds. The data we analyzed indicates a noticeable gap in internal rate of return (IRR) and total value to paid-in (TVPI) between non-ESG funds, ESG-integrating funds, and impact funds. However, we need to take these results with caution given the small sample size of ESG-integration and impact funds that have registered their performance in the database, in addition the potential self-reporting bias of such a database.

Key observations

ESG-integrating funds perform similarly to non-ESG funds, with IRR and TVPI values remaining competitive.Impact funds show a clear underperformance, especially in the third quartile where the IRR is notably lower (-2.1%). For institutional investors, this suggests that while impact investing aligns with broader sustainability goals, it tends to offer reduced financial returns.The median IRR for ESG-integrating funds exceeds that of non-ESG funds, signaling that incorporating ESG factors may not necessarily compromise performance and in some cases could even potentially enhance it.

For pension funds and other institutional investors, the performance discrepancy between ESG-integrating and impact funds offers a compelling reason to prioritize ESG-integrating funds over impact funds, at least from a return-oriented perspective.

SFDR and its 2025 revisions – uncertainty on the horizon

The Sustainable Finance Disclosure Regulation (SFDR), which divides funds into Article 6, Article 8, and Article 9 categories, has reshaped the way European investors assess sustainability. Article 8 funds can have a promotion characteristic or seek to invest a portion of the portfolio in sustainable investments, whereas Article 9 funds mainly focus on sustainable investing and achieving an environmental or societal impact. However, it’s important to note that the SFDR framework is under revision, with major changes expected by 2025. This revision leaves a considerable amount of uncertainty:

It's unclear whether compliance with Article 8 or Article 9 requirements will become more difficult, potentially reducing the number of qualifying funds.What will the regulatory impact be? Non-European funds, especially those in the US or Asia, are not bound by SFDR regulations, allowing them to market themselves as impact funds without facing the stringent requirements imposed on European funds.

For institutional investors, particularly those with global portfolios, this creates an additional layer of complexity. Whilst many non-European private equity funds may brand themselves as impact, they might not adhere to the same rigorous SFDR standards, making it harder to compare them directly with European funds.

Impact funds – growing in number but it's still early days

Based on our findings and experience, whilst we do see a growing number of impact private equity funds being launched every year, in our view it’s still too early to judge whether these funds represent a good investment or not.

As shown in Figure 3, in recent vintage years, worldwide, the number of funds labelling1 themselves as impact has grown from 36 in 2018, to 129 funds in 2023. As of September 2024, so far 72 private equity funds in vintage 2024 have labelled themselves as impact and we expect this upward trend to continue. That being said, the average size2 of these impact funds ranges from USD 73‒317 million, with many impact funds failing to exceed USD 150 million in client commitments.

The sectors in which the companies in the portfolios of these impact funds are also an aspect to be considered. Many sectors such as Agritech and climate-tech are unproven, and it remains to be seen if companies in these sectors can be exited by these impact funds in coming years and still return exit multiples similar to other sectors favored by private equity.

The Agritech sector is a good example of this. If we look at all funds which have (i) labelled themselves as impact, and (ii) drill down a level further to include those funds which are stated to have Agritech firms in their portfolio, then we see that the vast majority of such funds have only been launched in the last three to four years. According to Preqin, historically speaking, since 2018 only 43 impact funds in total have been launched that include Agritech in their portfolio, of which 90.8% of said funds were launched in the vintages 2020‒2024 (see Figure 4). In our view, this indicates that the vast majority of these impact funds are very young and their portfolio companies are still within the J-curve.

In our view, at this point in time it’s simply too early to tell whether these impact funds will turn out to be ‘good’ investments. Many impact funds are typically small, sub-scale venture capital funds, investing in companies operating in sectors that are largely unproven such as agtech and climate-tech, and realistically we’ll need another 5‒10 years in order to adequately judge this.

The growing trend in SFDR fund launches

As sustainable investing gains momentum, the number of Article 8 and Article 9 private equity funds launched each year has increased. The following tables break down the number of funds launched per vintage year based on fund strategy.

Summary:

The data indicates that Article 8 funds have seen a significant increase in launches across all strategies, particularly in buyout and venture capital categories. This aligns with the data showing strong financial performance for these funds. Notably there are only a small number of private equity fund-of-funds which are stated to comply with Article 8 according to Preqin. Such fund-of-funds may represent an opportunity for institutional investors looking to enjoy the benefits of a well-diversified multi-managers portfolio, whilst at the same time being invested in an ESG Article 8 portfolio.The data indicates that Article 9 funds, while growing, remains more limited. The Article 9 investment universe is dominated by growth and venture funds, with very few buyout or fund- of-funds labelling themselves as Article 9 compliant, according to Preqin. For institutional investors looking to gain exposure to impact private equity funds, in the current environment they will have to limit themselves to venture and growth funds, which are typically below USD 300 million in terms of commitment size.

Similarities between ESG integration and Sharia investing

One underexplored area is the alignment between ESG integration investing and Sharia-compliant investments. Both strategies share common exclusion criteria:

No alcohol, tobacco, gambling, adult entertainment: Like ESG-integrating funds, Sharia-compliant investments avoid these sectors.No leverage: Sharia investing prohibits the use of leverage, a requirement that does not exist for ESG-integration funds. However, this can add a unique layer of financial stability to Sharia investments, aligning with certain long-term, risk-averse institutional mandates.

For institutional investors, especially those with a global or multi-faith clientele, considering Sharia-compliant funds alongside ESG funds could offer another ethical investment option, diversifying the portfolio while adhering to strict Sharia ethical criteria.

Final thoughts: A balanced approach for institutional investors

For institutional investors, particularly pension funds, the growing demand for sustainable and impact investing presents both an opportunity and a challenge. ESG-integrating funds offer a balanced approach, considering ESG factors, while maintaining competitive financial returns. The more stringent impact funds, whilst seeking to achieve a greater level of environmental or societal impact, may not always meet the financial return targets of a pension fund. Given the relatively small investment universe of impact funds, it may be impractical to shift a large portion of the portfolio toward impact-focused investments. This is mainly due to the typical lifespan (ca. 10-15 years) of private equity funds. Furthermore, such statistical comparisons must be viewed with caution, due to the relatively small sample size of impact and ESG-integration funds listed in such databases and the potential for self-reporting bias.

In the view of the writers of this article, institutional investors wishing to satisfy both financial obligations and the increasing demand for sustainable investing, may be best served by adopting a balanced approach to portfolio construction by:

Focusing on ESG-integrating and Article 8 funds, which consider ESG aspects and focus financial performance.Gradually allocating a smaller portion of the portfolio to impact or Article 9 funds for their mission-driven impact, while managing expectations regarding potentially lower financial returns.

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Forex

The single currency has been one of the losers from Trump’s victory, losing 2% on Wednesday to 1.07, its lowest since July. And it’s not just a story of a strong dollar, with the euro also losing around 0.7% against the Swiss franc and 0.8% against the pound.

The single currency’s weakness has been attributed to fears of trade wars, which made life noticeably more difficult for Europe during Trump’s last presidency. Then, as now, it could be a double whammy: immediate tariffs on European goods and increased pressure on China, reducing demand in the Middle Kingdom and squeezing German exports there.

While the short-term market reaction may seem overly impulsive, this could be far from the final leg down. EURUSD fell 15% from the start of 2018 to the lows of 2020. The euro’s weakness then kept pace with the decline in German industrial production. Production has fallen since the beginning of last year, even without a trade war with the US, but opening a new front could accelerate the process.

The outlook for the EURUSD is much the same. The pair approached 1.20 in late September but has pulled back to 1.07, testing the range support of the past 12 months.

Technically, the EURUSD’s failure to break below 1.0770 confirmed the market’s strong bearish bias following last week’s corrective pullback. According to Fibonacci’s theory, the pair has downside potential in the 1.05 area, which is near the 161.8% level of the monthly decline from the September peak.

However, even earlier, in the 1.0600-1.0670 area, the euro could find strong support and retreat to the year’s lows.

From a fundamental point of view, pressure on the single currency is increasing due to fears of a further narrowing of the trade surplus and the need for the ECB to stimulate the economy more actively.

At the same time, it is too early to talk about the dollar breaking parity with the euro. Only a sustained decline below 1.05 will open the way to 0.95 or even 0.85. But we have seen how tenaciously this level has been defended over the past 10 years, and it was only broken for a few months in 2022 amid a series of shocks ranging from lockdowns and logistical problems to energy prices and supply issues.

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Stocks

London stocks dipped in early trade on Friday at the end of an eventful week, as investors mulled rate cuts by the Bank of England and the Federal Reserve.

At 0840 GMT, the FTSE 100 was down 0.1% at 8,134.88.

On Thursday, both the BoE and the Fed cut interest rates by 25 basis points, as expected.

Richard Hunter, head of markets at Interactive Investor, said: "UK markets have struggled to hold on to the initial gains following the US election result, weighed in part by the prospects of tariffs from the new President which could crimp trade and potentially add to the inflationary mix at a time when the situation is increasingly under control.

"This has tended to offset the theoretical tailwinds of a weaker pound and the large exposure of many FTSE 100 constituents to the fortunes of the US economy, although the primary index has managed a gain of 5.2% so far this year."

On the corporate front, Vistry tumbled as the housebuilder warned on full-year profits again, cutting its forecast for completions and pointing to the impact from issues in the South Division.

The housebuilder now expects FY24 adjusted pre-tax profit of around £300m, down from a forecast of £300m last month.

The company already warned on profits in October, saying it was expecting FY24 profit to be £80m lower, FY25 profit to be around £30m lower and profit for FY25 to be hit by £5m.

It said at the time that this was because it had underestimated build costs on nine schemes in its Southern Division.

Serco also suffered heavy losses as the outsourcer said it had not been reselected for its long-running Australian immigration detention centres contract, and estimated that changes to employer national insurance contributions will increase labour costs by £20m a year.

Miners were also under the cosh, with Anglo American, Antofagasta, Glencore and Rio all down as copper and iron ore prices fell.

On the upside, BA and Iberia owner IAG flew to the top of the FTSE 100 as it posted a 15% jump in third-quarter operating profit to €2.01bn and a 7.9% increase in revenue, and announced a €350m share buyback.

EasyJet and Wizz Air also gained.

TI Fluid Systems advanced after saying that the deadline by which ABC Technologies must make a firm offer for the company has been extended in order to allow the group to finalise its remaining confirmatory due diligence and financing.

Source: Sharecast

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Economic

Forex

Trump wins a second term

Former President Trump has won the 2024 presidential election, achieving a noticeable comeback following the 2020 defeat. The market reaction has been mostly within expectations, with the dollar gaining across the board, gold suffering and bitcoin enjoying strong gains.

While market participants are gradually turning their focus to the Fed meeting for any hints on the rate outlook after Thursday’s gathering, it is worth examining the performance of key market assets from election day until year-end in election years since 2000.

Euro/dollar could drop further towards year-end

Chart 1 below depicts euro/dollar’s past performance. This pair finished the year in positive territory in every post-election period examined since 2000, with one exception. In 2016, euro/dollar sold off aggressively, finishing the year around 4.5% lower compared to the election date, as Trump’s pro-America agenda boosted the dollar.

S&P 500 historical performance is mixed

As seen in chart 2 below, the performance of the S&P 500 index after election day has been mixed. However, focusing on 2016, the world’s largest stock index finished the election year around 4.5% higher, partly supported by the customary Santa Rally.

Russell 2000 index could benefit the most

Trump’s “America first” agenda is expected to benefit small- and medium-sized US-based corporates. In 2016, this positive sentiment persisted in the post-election day period, with the index finishing the year around 13% higher compared to the election day close. In this context, the Russell 2000 index, which encapsulated small-cap stocks, is expected to perform well today.

Gold could suffer further into year-end

Similarly to the S&P 500 index, gold’s performance after election day since 2000 has been mixed, with the precious metal rallying significantly in 2008 but suffering in 2016. Since Trump was first elected in 2016, a possible repeat of that performance could mean that gold could drop towards the $2,500 area.

Stocks’ volatility could ease while euro/dollar volatility could rise further

The pre-US election day period is traditionally characterized by increased market volatility. Based on historical analysis, the VIX index tends to drop aggressively after election day, with 2008 being the exception as the 2007-2008 financial crisis was unfolding. In 2016, VIX dropped aggressively, ending the year around 25% lower compared to election day.

On the flip side, as seen in Chart 5 below, euro/dollar volatility has historically eased in the post-election day period. The only time that volatility remained high and experienced a strong rally was in 2016, when Trump was first elected.

Putting everything together, the performance by key market assets after the 2016 election could serve as a guide to what the future might hold. We could indeed see euro/dollar drop, US stocks rally and gold suffer, but past performance does not guarantee future results. Particularly in a period with two active conflicts, in Ukraine and the Middle East, and China struggling to fix its housing sector issues.

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Stocks

Asian shares opened higher but ended Friday mixed after the Federal Reserve cut interest rates again to ease pressure on the U.S. economy.

Oil prices fell while U.S. futures edged higher.

Markets in Hong Kong and Shanghai fell as investors awaited much-anticipated steps by Beijing to rev up the slowing Chinese economy following a meeting of the legislature’s Standing Committee

“If Beijing delivers, we might see a powerful rally ripple through the region as investors gear up for a fresh surge in market momentum,” Stephen Innes of SPI Asset Management said in a commentary.

Hong Kong’s Hang Seng erased early gains, falling 0.7% to 20,802.88. The Shanghai Composite index dropped 0.3% to 3,462.71.

Japan’s Nikkei 225 index gained 0.3% to 39,498.21.

Shares in Japanese automaker Nissan Motor Corp. plummeted nearly early Friday, after the company on Thursday announced that it will dismiss 9,000 workers and slash its global production capacity by 20% due to falling sales and rising costs and inventory.

In South Korea, the Kospi shed 0.1% to 2,561.63, while Australia’s S&P/ASX 200 gained 0.8%, to 8,295.10.

On Thursday, the S&P 500 climbed 0.7% to 5,973.10, adding to its surge from the day before following Donald Trump’s presidential victory. The Dow Jones Industrial Average was virtually unchanged at 43,729.34, while the Nasdaq composite rallied 1.5% to 19,269.46.

The Fed’s announcement that it was easing its main interest rate by a quarter of a percentage point caused few ripples in the market because even the precise size of it was so well anticipated by investors.

The central bank began easing rates in September and indicated more cuts were likely to come, as it focuses more on keeping the job market humming after helping get inflation nearly down to its 2% target. What’s less certain in the minds of investors now is how much Trump’s victory may upset the Fed’s plans.

Trump is pushing for tariffs and other policies that economists say could drive inflation higher, along with the economy’s growth. Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel.

For now, Fed Chair Jerome Powell said, nothing is changing. “In the near term, the election will have no effects” on interest-rate policy, he said.

At this point, Powell said it’s still not clear what the policies will be after Trump returns to the White House.

“We don’t guess, we don’t speculate and we don’t assume,” he said.

JPMorgan Chase fell 4.3%, a day after banks decisively led the market on expectations that a stronger economy and lighter regulation would mean fatter profits. It and Goldman Sachs were the biggest reasons for the Dow Jones Industrial Average’s slight loss.

Smaller U.S. stocks also lagged the market, with the Russell 2000 index down 0.4%. A day before, it more than doubled the S&P 500’s gain on expectations that Trump’s America-First priorities would most benefit smaller, more domestically focused companies.

The stock that’s become most synonymous with the president-elect, Trump Media & Technology Group, fell 23%.

The yield on the 10-year Treasury bond eased to 4.33% from 4.44% late Wednesday.

A report on Thursday showed slightly more U.S. workers applied for unemployment benefits, though the number remains relatively low. A separate report suggested U.S. workers improved their productivity during the summer, which can help keep a lid on inflation, but not by quite as much as economists expected.

In other dealings early Friday, U.S. benchmark crude oil lost 57 cents to $71.79 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, gave up 51 cents to $75.12 per barrel.

The dollar fell to 152.87 Japanese yen from 152.94 yen. The euro slipped to $1.0777 from $1.0804.

Source: AP

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European Stocks Underperform Global Peers Amid Trump's Victory

Europe

Wall Street

Asia-Pacific

Source: Euronews

Asia Stocks Sputter as Focus Shifts to China Stimulus

Source: Reuters

Sustainability and Private Equity

ESG vs. impact investing – key differences

IRR and TVPI – A closer look

Key observations

SFDR and its 2025 revisions – uncertainty on the horizon

Impact funds – growing in number but it's still early days

The growing trend in SFDR fund launches

Summary:

Similarities between ESG integration and Sharia investing

Euro Falls On Trade War Fears

London Open: Stocks Dip; Vistry Tumbles on Profit Warning

Source: Sharecast

Could Markets Relive 2016 Post-election Day Performance?

Trump wins a second term

Euro/dollar could drop further towards year-end

S&P 500 historical performance is mixed

Russell 2000 index could benefit the most

Gold could suffer further into year-end

Stocks’ volatility could ease while euro/dollar volatility could rise further

Stock Market Today: Asian Shares Mixed After US Fed Cuts Interest Rates

Source: AP

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