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Mon Nov 9, 2020, 12:47 PM

The world's biggest money manager says Joe Biden's election is 'good news' for the global economy

The world’s biggest money manager says Joe Biden’s election is ‘good news’ for the global economy
https://www.marketwatch.com/story/the-worlds-biggest-money-manager-says-its-not-just-the-vaccine-news-thats-pushing-stocks-higher-11604941546
That’s BlackRock BLK, +2.80% Vice Chairman Philip Hildebrand’s response on Monday when he was asked on Bloomberg TV what a Joe Biden administration means for the world economy.

“Initially at least, I would expect that we see a sort of reinforcement of the existing trend that we’ve seen in the market for a while,” Hildebrand continued. “Hunt for yield and growth stocks.”

Where do we go from here?

“There are open questions but the initial impulse is certainly for the world to look forward to a United States that re-engages us in a more systematic more predictable way to tackle many of the severe problems we face globally,” Hildebrand told Bloomberg TV.

Watch the full interview:

Video link at article

‘First of all, it means re-engaging from the United States. Re-emphasizing international cooperation to the many challenges we face globally. So that’s good news. I think that’s the first reaction that you see in the market today.’

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