US Election summary - what we know so far
• Democratic candidate, Joe Biden, now President-elect Biden, was elected the 46th president of the US, beating the incumbent Republican, Donald Trump in the tightly contested Presidential elections.
• Biden crossed the threshold of the 270 electoral college votes required for victory over the weekend by winning the battleground state of Pennsylvania.
• President Trump’s legal team has filed lawsuits challenging the vote counts in some of the states, with Trump rejecting the outcome of the elections.
• There are still three outstanding states that need to complete their final counts – Biden is currently ahead in at least two of these states. Irrespective of the outcome of these states, Biden has accumulated sufficient electoral votes to become the next US President.
• Vice President-elect Kamala Harris is the first woman, the first black person and the first Asian American elected to the second highest office in the US.
• Despite an unprecedented number of Americans voting for Biden as president, congressional outcomes are still uncertain. The House of Representatives will likely remain Democratic, but no candidate managed to get the 50% required by the election law to control the Senate. The run-off elections will be conducted in January just before the new Senate convenes. It is expected that the Republicans will likely hold onto their majority, but by a slightly smaller margin.
• Despite lingering uncertainty and the prospect of the Biden administration’s decisions being overturned by a continued Republican-controlled Senate, financial markets judged that the odds of a December passage of some further fiscal stimulus was more likely than before.