Cathay Pacific Haitong released a research report stating that logically speaking, dividing the government after the midterm elections favors US debt, and the trend of US stocks, dollars, and gold is relatively uncertain. Judging from the historical review, dividing the government favors US debt, US stock technology, and the US dollar, and the increase in gold has been relatively narrow. Regarding US debt, after the US midterm elections, fiscal expansion under the divided government may be relatively subdued, and economic expectations and concerns about fiscal sustainability have declined, so there is a certain favorable driver for interest rates on US bonds. For US stocks, there are both favorable drivers for policy stability due to loose liquidity and dividend constraints; for the US dollar, slowing economic growth and narrowing interest spreads between the US and other countries will inhibit the US dollar, but declining fiscal sustainability concerns will lead to a relative strengthening of the US dollar; for gold, liquidity easing under the divided government favors gold, but it is also a positive and negative factor. However, judging from the historical review of market performance from 2000 to 2025, dividing the government favors US debt, US stock technology, and the US dollar, and the increase in gold was relatively narrow.

Cathay Pacific Haitong released a research report stating that logically speaking, dividing the government after the midterm elections favors US debt, and the trend of US stocks, dollars, and gold is relatively uncertain. Judging from the historical review, dividing the government favors US debt, US stock technology, and the US dollar, and the increase in gold has been relatively narrow. Regarding US debt, after the US midterm elections, fiscal expansion under the divided government may be relatively subdued, and economic expectations and concerns about fiscal sustainability have declined, so there is a certain favorable driver for interest rates on US bonds. For US stocks, there are both favorable drivers for policy stability due to loose liquidity and dividend constraints; for the US dollar, slowing economic growth and narrowing interest spreads between the US and other countries will inhibit the US dollar, but declining fiscal sustainability concerns will lead to a relative strengthening of the US dollar; for gold, liquidity easing under the divided government favors gold, but it is also a positive and negative factor. However, judging from the historical review of market performance from 2000 to 2025, dividing the government favors US debt, US stock technology, and the US dollar, and the increase in gold was relatively narrow.