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Facing the US Election

Most European countries are facing the second unfamiliar wave of Corona infections and closing down hotels, restaurants and the travel industry. Here in the United States we are faced with the uncertainty of the US election while still being in the first wave of the Corona virus outbreak with daily infections of about 100,000 and daily deaths of 1,000 and more. Dr Fauci told the Washington Post:” We’re in for a whole lot of hurt. It’s not a good situation.” The rebuke from the White House came immediately. Most of us still work from home and we have learned to connect through videoconferencing. Pitchbook reports that through Q2, late stage VC deal count is tracking at a higher pace than in 2019, which set a record number of completed late-stage VC financings in the US. The US venture industry has remained resilient in the face of the current economic climate. The M&A business as of the middle of August was down in volume by 30% relative to 2019, which shows the uncertainty of the near future combating the COVID-19 pandemic. Experts are afraid that even if additional fiscal and policy measures are being initiated to combat the economic hardships, it is possible that dealmaking will remain muted for the remainder of 2020. But all eyes are focused on the outcome of this election. Trump supporters gathered in front of the home of US Attorney General  Bill Barr scanting “Lock up Biden”. According to CNN the Stock Market has made a prediction who will win the election: The S&P 500 fell 0.04% between July 31 and October 31. That means the market forecasts — by a hair — that Joe Biden will win, according to CFRA Research’s Presidential Predictor. Hopefully we will find out on Tuesday, November 3, but it looks like it will be a long court battle.