Don't expect a Clinton "relief rally" because the markets have considered her the favorite all along, said David Lafferty, chief market strategist at Natixis. Lafferty said his latest estimate is for Clinton to rack up 330 to 340 electoral votes, out of 538 total electors, versus a Trump tally of 200 to 210. He said the Senate remains in play and is now tipping in favor of the Democrats as Trump starts to sink. In his view the House is getting closer as Trump fades. Nevertheless, he still sees a 30 seat pick-up as being unlikely. Election aside, Lafferty expects U.S. earnings growth to return in Q4 and into 2017, but in his view growth rates will be in the mid-single-digits, consistent with nominal global growth. And with profit margins high in many markets, he believes "bottom-line earnings cannot outpace top-line revenue."
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