What’s at stake for global markets in a Trump presidency

As Donald Trump appears poised to head back to the White House, the US dollar and stock market are seen as winners, but a Republican presidency could weigh on bonds, emerging markets, clean energy and sustainable investing.

Here's how:

Currencies

A Trump presidency is seen strengthening the US dollar, with investors expecting his policies to lead to higher inflation and growth than would have been the case under Democrat Kamala Harris. That will mean the Federal Reserve would need to keep rates high to prevent the economy from overheating, which in turn would be bullish for the dollar.

At the same time, Trump's plans to impose tariffs on trade, force European allies to pay more for defense and suspicion of multilateral institutions are likely to depress growth elsewhere in the world, boosting the dollar's allure. Citi analysts expect the dollar to...