City fund managers are revisiting plans drawn up before November’s US presidential election, with expectations that Democrat control of the Senate will increase the attractiveness of unloved value stocks and lead to investment opportunities in Europe and emerging markets.

Raphael Warnock beat Republican senator Kelly Loeffler in one of the US election run-offs in Georgia — a contest which had to take place because none of the candidates secured 50% of the vote to win the 3 November election.