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Oil production in Oklahoma City: If Trump stays, imports from Iran could continue to have a hard time
Photo:
Sue Ogrocki / AP
The unclear outcome of the presidential elections in the USA has caused uncertainty in the markets.
Meanwhile, the oil price continued to rise: A barrel (159 liters) of North Sea Brent cost $ 40.62 in the morning - 91 cents more than the day before.
The price of a barrel of US West Texas Intermediate rose 86 cents to $ 38.52.
Market observers spoke of an increased willingness to take risks due to the unexpectedly good prospects for the incumbent Trump.
From the point of view of Warren Patterson, raw materials expert at ING-Bank, the oil price is therefore also rising - and would be further supported by an election victory for Trump.
The reason: Should Trump stay, Iran's return to the world market for crude oil would be much less likely.
As a result, the oil supply would be lower and the price higher.
The US oil industry could also benefit from another Republican term.
In contrast to Trump, his Democratic opponent Joe Biden stands for a more environmentally friendly course and could impose additional requirements on the US fracking industry, which has been booming in recent years, in the event of an election victory.
UBS: Biden would be better for the Dax
The financial markets had previously hoped for a clear election result, but the head-to-head race of Donald Trumps and Joe Biden in important "swing states" is still open.
Both can still win the battle for the White House.
Investors therefore remained cautious at the start of trading on the stock exchanges in Europe.
The fear of a controversial outcome of the election put off buyers.
The German leading index Dax lost 1.5 percent to 11,903 points when it opened.
The Vienna Stock Exchange also started in the red.
The ATX leading index fell by 1.33 percent at around 9.15 a.m.
"Now exactly what has happened in the run-up to the US presidential election was not at all the dream scenario of the stock exchanges," said Jochen Stanzl from the trading house CMC Markets.
Although no final results were available from many important US states, Trump declared himself the election winner - without providing any evidence.
At the same time he spoke of fraud against the voters and announced that he would go to the Supreme Court.
"We're seeing a nightmare situation come true, because now it's about legal battles," said analyst Naeem Aslam from brokerage firm Avatrade.
This uncertainty makes traders nervous, especially after Trump used the word "fraud".
In terms of individual values, the largest German real estate group Vonovia was one of the few winners in the Dax.
The shares gained 1.3 percent at the start of trading.
The group expects that the result for 2020 will be at the upper end of the forecast despite the Corona crisis.
In contrast, the titles of BMW give in the first few minutes of trading 3.4 percent.
Despite a significant increase in profits in the third quarter, the automaker was cautious about the year as a whole.
For the Dax as a whole, predicts Maximilian Kunkel from UBS in Germany, a Joe Biden victory should have a more positive effect than a renewed election victory for Donald Trump.
"A less martial and erratic dealings with the most important trading partners should ensure more planning security for companies and market participants."
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apr / dpa / Reuters