On 8 November, Americans will elect a new President to succeed Barack Obama. However, the mood is far from the enthusiasm generated in the United States and abroad by the incumbent's campaign eight years ago. Neither Hillary Clinton nor Donald Trump appear to inspire passion in their quest for the title aside from the controversial declarations made by the Republican nominee. They each have their own doubters, even within their own political families.  

Indifference is also prevalent on financial markets. We might have expected investors to be nervous just before this important milestone. Nothing of the sort! This is demonstrated by the volatility of American shares as measured by the VIX index – which remains at extremely low levels – indicating a certain level of composure among financial players.