With just under a month to go until the US goes to the polls, former Vice President Joe Biden has a widening lead in polls and on the betting markets. For investors, the time to get their portfolios ready for a Democrat victory is now, according to analysts at UBS.

President Donald Trump’s decision, late on 6 October, to push back Covid-19 stimulus plans until after the election sent markets swinging. The Dow Jones fell from session highs of 28,270 on 6 October to below 27,800, while the S&P 500 closed down 1.4%.