UBS 1/5: US policy uncertainty has been a major source of volatility. The 3 November election should provide greater clarity. We highlight several policy areas of key interest for investors. First, regardless of the outcome, we expect a fresh fiscal stimulus package to be agreed

UBS 2/5: shortly after the election. Based on pre-election proposals, this package will likely be larger in the event of a blue wave, a potential positive for markets. Second, America's COVID-19 response could pivot, with former Vice President Biden proposing free testing

UBS 3/5: and paid leave for those affected by the pandemic, while President Trump is pressing for a swift end to restrictions. Third, the stark difference between the candidates on environmental policies - firms exposed to renewable energy or smart mobility would benefit if Biden

UBS 4/5: is able to implement his USD 2 tr plan. By contrast, President Trump has promised to keep trimming regulations on businesses, including shielding fossil fuel firms from tougher regulation.

UBS 5/5: Finally, on China trade talks, we would expect a Biden White House to pursue a less openly hostile negotiating stance than a second Trump administration.