You didn't forget about the Democratic Primary, did you ?

This document was completed before Pete Buttigieg's withdrawal, the conclusions are still valid. The candidates for the 2020 Democratic primaries are divided between two camps: the moderates with Biden and Bloomberg, and the progressives with Warren and Sanders. Polls and early primary and caucus results suggest a lead for progressive candidate Bernie Sanders. Nevertheless, there is still a long way to go, especially through Super Tuesday. Although the Democrats do not have a majority in the U.S. Congress, it is time to question the programs of the main candidates in the primaries and their economic, sectoral and financial impacts. We are expecting a rather negative reaction from the markets to the election of a Democratic president after an administration that has strongly deregulated and zero-rated. This will be reflected in the depreciation of the dollar and increased volatility, effects that would be exacerbated by a victory for a progressive candidate. From a sectoral point of view the impact could be negative for banking and insurance, health, pharmaceuticals and energy, but more favorable for consumer spending, construction and residential real estate.