Signum Global Advisors is warning clients in a new alert to be ready for a blue wave in November that gives Democrats control of government.
The firm previously warned clients that taxes will increase if Joe Biden defeats President Donald Trump. Today's shift relates to the Senate, which Signum has maintained will remain in Republican control.
"With Biden polling strongly and more states now in play in the Senate contest, we are changing our call and now believe Democrats will take control of the Senate," the alert states.
Launched in 2018 by Charles Myers, former vice chairman of Evercore, Signum is an independent consulting firm providing research on global markets and financial institutions.
In the alert, authored by Myers and senior partner Lew Lukens, the firm said its conclusions are based on polling and trends. Myers is a financial supporter of Biden, while Lukens has worked for both Democratic and Republican presidents.
Democrats are likely to flip Senate seats in Arizona, Colorado and Maine, the Signum note projects. That leaves six close races, of which the Democrats only need to win one, the note added. The firm also projects that Sen. Doug Jones, D-Ala., will lose his seat to his Republican challenger.
Republicans currently hold a 53-47 advantage in the upper chamber.
The research note could be an indicator that Wall Street is preparing for the end of Republican control, both in the White House and Senate, CNBC speculated today. Democrats currently hold a majority in the House of Representatives.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected] Follow him on Twitter @INNJohnH.
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