…Stan Wong, portfolio manager at Scotia Wealth Management, says investors need to remember that the U.S. is Canada’s largest trading partner and the largest economy in the world.
“So anything that happens in the U.S., they are the elephant,” he says. “If they move, its going to affect us.”
In a report to clients, Scotia Wealth Management said a Republican win may have mixed results for Canada, initially striking a positive note, before problems creep up in the medium- to long-term as anti-immigration, anti-trade and U.S. government debt weigh on the U.S. economy.
Wong says Trump favours the energy producers in the U.S. and that could spur new investment spending on pipelines and drilling.
When it comes to Clinton, he says, health care has been under a microscope and may continue to face scrutiny, which could affect some companies in the U.S. and Canada. Clinton has said drug companies should have to explain price increases and show what benefits and value have been added.
“It looks like financials might be under the microscope as well with someone like Clinton,” Wong says…