Jim McCafferty, joint head of Asia-Pacific equity research at Nomura said he believes that investors would be comfortable with US President Donald Trump winning the re-election.

However, if Joe Biden wons the US presidential election, then we could see a hike in taxes, McCafferty said.

According to him, there is a need for a lower corporate tax rate to aid the market rising. A Biden victory could squeeze earnings per share (EPS) estimates, McCafferty added.