HTSC states that if Biden performs worse in the upcoming first round of US presidential debate, Trump's advantage in swing states may further expand, and the market may price in the possibility of Trump coming to power or the Republicans winning both chambers of Congress. Part of the situation of the 'Trump trade' in 2016 may repeat, including significant market volatility, rising US bond yields, and appreciation of the US dollar. Considering that Trump's election may change some existing policies, weaken the stability of policies in areas such as diplomacy and foreign trade, and trigger safe-haven sentiment, gold prices may also benefit.
华泰证券：“特朗普交易”或在大选辩论后重演 关注市场波动性和金价等
HTSC: 'Trump trade' may replay after the presidential debate, pay attention to market volatility and gold price.
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