Inspired by President Trump's love of the stock market, here's what happens when you match the state-by-state results in US Presidential election with the value of US listed companies and the state in which they are headquartered: 82% Biden 18% Trump 1/7
States that voted for Biden represent 70% of the number of listed companies in the US with a combined market value of over $30 trillion, or 82% of the combined value of US stock markets 2/7
States that voted for Trump account for 30% of the number of listed companies in the US with a combined market value of nearly $7 trillion, or 18% of the combined value of US stock markets 3/7
The value of 550+ US listed companies based in California - nearly $12 trillion - is nearly twice as much as the combined value of all the listed companies headquartered in states that voted for Trump ($6.8tn) 4/7
If you award market capitalisation based on the percentage of voters in each state that voted Biden or Trump, 58% of the US stock market voted Biden and 42% voted Trump 5/7
The numbers were put together by @NewFinancialLLP using data that we had collected for a completely different project. We used the Russell 3000 as a proxy for the US stock market (it covers 98% of the market) and Bloomberg data for the election results 6/7
And here's the President saluting a stock market that is dominated companies based in states that didn't vote for him rising after he lost the election: / ends
• • •
Missing some Tweet in this thread? You can try to
force a refresh
It is good news that the UK and Japan have created a joint regulatory forum in financial services as part of their trade deal (detail from p106): a few quick and quite niche thoughts 1/ mofa.go.jp/files/10010706…
The forum builds on the EU Japan joint regulatory forum in financial services that was created last year and held its first meeting in Japan (conveniently) during the world cup rugby in October 2019 2/ fsa.go.jp/en/news/2019/2…
The forum aims to encourage closer bilateral regulatory cooperation to reduce frictions and also ensure UK and Japan are broadly aligned in international forums on global standards 3/