Trump's triumph: Will bulls run amok and gold, silver sparkle?

Top brokerages highlight opportunities, risks, and contradictions the new administration may offer

- PUNEET WADHWA

World markets are up after Republican leader Donald Trump won the US presidential election and is set to return to the White House after four years.

Leading brokerages weigh in with their suggestions on how Trump's victory may impact Indian and global markets and what is in store for the debt market.

They also touch upon what will happen to gold and silver prices, give insights into whether the new administration would be inflationary and shape the US Federal Reserve's work.

Julius Baer

A Trump sweep is positive for equities and reinforces our longstanding preference of US equities over Europe.

Cyclical sectors like industrials and midcaps, as well as banks, oil and gas, and defence, stand to gain from the better growth outlook and Trump's policy direction.

While we see potential upside risks for gold from Trump's presidency, investors seem to be taking profits.

The bigger picture of the gold market remains very much unchanged, with a resumption of central bank buying, in particular from China, being much more important than the US presidential elections.

Morgan Stanley

For Asia, tariffs will be in focus and might come as early as the first half of 2025 (H1 CY25).