Larry Fink Says US Elections Tend Not to Have Big Market Impact

Posted by Admin October 1, 2024 Bussiness

(Bloomberg) — BlackRock Inc. Chief Executive Officer Larry Fink said that elections in the US seldom make a major impact on the markets despite all the noise from the media and pundits around the topic.

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“We see repeatedly every year, every four years, when we have an election, everyone says that it’s going to have a dramatic change in the market, and over time it doesn’t,” Fink told Bloomberg Television in a panel discussion Tuesday at the Berlin Global Dialogue 2024 conference.

“I know it’s great for media to talk about it, I know it’s great for everyone to focus on it but the reality is the economy, the markets are way beyond one election, way beyond one action,” he added. “We are able to respond and cope and build.”

BlackRock is the world’s largest asset manager, overseeing about $10.6 trillion as of June.

The upcoming presidential election on Nov. 5 will see a contest between former President Donald Trump and Vice President Kamala Harris. The two leaders are offering strikingly different visions of the economy — with Trump dangling several tax breaks and other incentives to bolster US manufacturing and Harris’s proposals showing a new willingness for the government to wade into markets, from real estate to retail.

Opinion polls are signaling a tight race, particularly in battleground states. Across the seven swing states, Harris is ahead by 3 percentage points among likely voters, the latest Bloomberg News/Morning Consult poll shows.

–With assistance from Loukia Gyftopoulou.