After President-elect Donald Trump won the election, markets began a decisive shift in essentially all asset classes. Suddenly, everything from bank stocks to emerging-market bonds staged decisive price swings, driven by a stronger dollar, an increase in U.S. growth expectations, worries over the prospect of a more protectionist Trump-led administration and a steeperAfter President-elect Donald Trump won the election, markets began a decisive shift in essentially all asset classes. Suddenly, everything from bank stocks to emerging-market bonds staged decisive price swings, driven by a stronger dollar, an U.S. yield curve.
A big beneficiary of this dynamic has been U.S. equities, which have now seen nearly $70 billion in inflows since Nov. 8, according to Bank of America Merrill Lynch. Big losers have been emerging market equities and bonds, which have seen more than $10 billion in outflows.