Financial markets hold breath ahead of Trump inauguration - comment
A most unlikely of transformations will be complete on Friday as Donald Trump takes over from Barack Obama to become the 45th President of the United States.
Trump's rise to the White House has been nothing short of extraordinary from start to finish, initially being dismissed as an attention seeker before triumphing over weak Republican competitors in the party's primaries.
Hillary Clinton was practically claimed victorious from the moment Trump became the Republican nominee, but a bitterly divisive election campaign more akin to pantomime than statesmanship steered the momentum towards the New York businessman, and eventually led to a barnstorming victory over his hapless Democratic opponent.
The controversy did not stop with his victory in the electoral college however, with everything from allegations of collusion with Russian authorities to to a fraught relationship with intelligence agencies and media outlets dogging the transition period for the president-elect.
On Friday however the speculation about what policies Trump is going to implement will stop as he takes the oath of office on the steps of Capitol Hill and the world enters a new era.
Despite the dire predictions made by a plethora of economists about the prospect of a Trump presidency, US financial markets have hit record highs in the weeks and months which followed his defeat of Clinton.
Thank you for joining us at the Lincoln Memorial tonight- a very special evening! Together, we are going to MAKE AMERICA GREAT AGAIN! pic.twitter.com/5d774OCx5o
— Donald J. Trump (@realDonaldTrump) January 20, 2017
All of the major US indices have reached all-time highs since November 8, while a strong start to earnings season from some of the country's biggest banks suggest investors are confident Trump will loosen regulation during his first term.
The former reality television star's campaign was saturated with promises about "draining the swamp" of corrupt business interests in Washington, but his choices for key administration positions reflect otherwise, with representatives from Goldman Sachs and ExxonMobil to the fore.
Analysts are hugely cautious ahead of Friday's historic inauguration, with most financial experts expressing at least a dollop of doubt surrounding Trump's ability to overhaul fiscal policy for the better.
"Trump's promise of a major fiscal stimulus plan has come as a welcome respite from the monetary policy led days gone by," said IG market analyst Joshua Mahony. "Yet, with expectations come the chance of disappointment, and the future of the US stock market seems hugely dependent on Trump delivering on his promises."
Challenges aplenty await President Trump on his first day in the Oval Office, with huge protests expected throughout the US, as well as impending international issues with Russia and China.
Outgoing US Vice-President Joe Biden has described Donald Trump as a Rubik's cube, and while uncertainty undoubtedly sums up the mood of financial markets on Friday, one thing is unequivocal - the world has changed, changed utterly.