The money's backing Hillary for the US presidency...
Markets hate uncertainty, so the prospect of Donald J Trump entering the White House next January – and what he might do over the course of his four-year term – has had them concerned for some time.
Conversely, Democratic candidate Hillary Clinton represents an altogether steadier hand in their eyes. As such, positive market reaction following the first of three scheduled US presidential debates between the pair suggested that Clinton won the contest last night.
US stock index futures were trading positive as the debate kicked off, and reached near session highs when it ended, with Dow futures adding over 100 points for a period. Shares in Hong Hong, Japan and Shanghai also climbed.
The peso had hit all-time lows against the dollar in recent days as Trump climbed in the polls; following the debate, the Mexican currency rallied, surging 2.3%.
Market experts are of the opinion that a Clinton presidency would be beneficial for risk-assets, at least in the short term, given the greater policy clarity from her camp.
James Athey, an investment manager at Aberdeen Asset Management, told the Wall Street Journal:
"Clinton is perceived to represent a safe pair of hands and a continuation of the status quo."
He also noted that "the Mexican peso is widely accepted to be the purest expression of Trump risk."
Elsewhere, online betting markets showed that the probability of Clinton winning the November election gained following the debate.Her odds were 4-to-9 just after the debate ended, whilst Trump's were 9-to-4.
Reuters reported that a Clinton contract on the PredictIt betting market gained 6 cents from the previous day to 69 cents, while a contract favouring a Trump victory fell 7 cents to 31 cents. This represented the largest price swings for both since early August, and gave Clinton her widest lead in two weeks.