Nasdaq Chief Says Trump Win Is Wake-up Call For Business Leaders
Fakhir Rizvi Published November 09, 2016 | 08:35 PM
LISBON, Nov 9, (APP - UrduPoint / Pakistan Point News - 09th Nov, 2016 ) - The Nasdaq stock market's chief executive said Wednesday Donald Trump's election triumph revealed the business world's failure to sell the benefits of trade and globalisation.
But Bob Greifeld also downplayed the impact on US democracy and on his own company from Trump's stunning march to the White House. "The founding fathers had the separation of powers. He's being elected as president, not as a dictator," the boss of the technology-heavy market said at the Web Summit, a gathering of business leaders and technology ventures in Lisbon.
"So we'll continue to do what we do," he said, before the opening bell was rung in Lisbon to signal the start of trading on the Nasdaq. The market's composite index was flat at the opening after a rollercoaster ride for Asian and European markets owing to fears of what Trump's populist message portends for business.
Greifeld said the Nasdaq could comfortably handle outsized trading volumes expected Wednesday, and said a rally by US Treasury bonds showed a flight to safety that "will persist for a period of time".
Shares in companies offering financial services, healthcare and insurance were all set to benefit in the short term from a Trump presidency, he said. World markets also saw sharp volatility after Britain's June vote to leave the European Union but had since calmed down, the Nasdaq CEO noted.
But more broadly, he said, the Brexit result and now Trump's election should serve as a wake-up call to business leaders. "Brexit was a start but as we go to our different offices around Europe you have a populist far-right movement which, if you believe Brexit or the US election, the polls are under-representing in how that's going to play out," he said.
"We're dealing in a time which is fundamentally anti-trade, anti-globalisation, and we in the business community obviously have to do a better job comunicating the benefits of that because broad swathes of the population are not buying into the message."
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
Today Gold Rate in Pakistan 27 April 2024
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
More Stories From World
-
Haliburton hits winner as Pacers hold off Bucks in overtime, Mavs thump Clippers
36 minutes ago -
'Everyone sits out': Yangon parks offer heatwave relief
36 minutes ago -
6,000 French police to welcome Olympic torch amid bonus boost
46 minutes ago -
Golf: LPGA LA Championship scores
56 minutes ago -
Tennis: ATP/WTA Madrid Open results - collated
1 hour ago -
PGA Zurich Classic of New Orleans scores
1 hour ago
-
Sudanese filmmakers shine light on war's 'silent problems'
1 hour ago -
NFL will allow players to wear Guardian Cap helmets in games
8 hours ago -
Football: German Bundesliga table
8 hours ago -
Football: Italian Serie A result
8 hours ago -
Football: German Bundesliga results
8 hours ago -
US troops to leave Chad in second African state withdrawal
8 hours ago