The winners of yesterday’s elections in the US may not be known for days or even weeks. A handful of key states have yet to complete counting ballots, and President Donald Trump has already said he plans to challenge the vote count in the courts. A “blue wave”, whereby Democrats take back control of the Senate as well as the White House, may not be impossible but is looking far less likely than markets may have thought.

While Trump’s remarks may only serve to increase and prolong the uncertainty regarding the election outcome, markets are so far remaining calm. In this week’s podcast, Ewout van Schaick and Marco Willner discuss how they positioned their portfolios going into the election, what the chances are now of badly needed fiscal stimulus, and what it all might mean for the various asset classes.