US VP Debate: No clear winner, but Democratic nominee retains edge 

With less than a month until the much-anticipated November US elections, the first and likely the only vice-presidential debate between Republican nominee Senator JD Vance and Democratic nominee Governor Tim Walz took place, hosted by CBS News.

The debate maintained a sharp but substantive focus on policy, notably free from personal attacks, unlike in the recent presidential debate. According to a post-debate CBS News poll, 42% of viewers believed JD Vance won, 41% thought Tim Walz was the winner, and 17% called the debate a tie.

The debate covered key issues such as the economy, climate change, immigration, and foreign policy. It began with discussions on the ongoing Middle East tensions, particularly the missile attack on Israel. It highlighted the candidates’ contrasting foreign policy approaches.

Vance defended Trump’s economic policies and took a skeptical stance on climate change, while Walz emphasized clean energy investments and President Joe Biden’s record. Both candidates sought to define their campaigns through contrasting approaches to governance, reflecting broader divides between their respective parties.

Following the vice-presidential debate, favorability polls showed little change, with Tim Walz maintaining a favorable lead at 41.0% over JD Vance at 35.6%. However, new challenges loom over the final weeks of the presidential campaign such as the devastating Hurricane Helene and ongoing conflicts in the Middle East, which continue to threaten the US economy.

These issues could significantly influence public opinion as voters decide who to choose between Republican Senator JD Vance and Democratic Governor Tim Walz.

Then again, just as CreditSights Co-President Erin Lyons said during our economic briefing for clients last week, who wins the elections will matter less than what the congress will look like, whether a divided congress will result in legislative gridlock.

Despite the contrasting policies and approaches to governance, we believe that the US still presents an opportunity for growth especially for risk assets such as equities. We therefore retain our overweight stance.

(If you are a Metrobank client, please get in touch with your relationship manager, account manager, or investment specialist for more information. Not a client yet? Please sign up here so you can begin your wealth journey with us.)

DOMINIQUE “NICA” RAVELAS is a Markets Research Analyst at Metrobank’s Trust Banking Group, specializing in offshore macroeconomic research. Formerly a sales trader under Luzon International Sales Desk. She holds a bachelor’s degree in business administration major in Financial Management from Far Eastern University-Makati where she was awarded as one of the Top Outstanding Senior Students (TOSS). She is also a Certified UITF Sales Person (CUSP). Beyond her academic and professional pursuits, Nica enjoys shopping, travelling, and watching sunsets by the beach.

ANNA DOMINIQUE CUDIA, MBA, CSS, is the Head of Markets Research at Metrobank’s Trust Banking Group, spearheading the generation and presentation of financial markets insights to internal and external clients. She used to be with Metrobank’s Investor Relations, where she brought in international awards and took part in various multi-billion peso and dollar capital raising activities. She holds a Master of Business Administration (Finance) degree, with distinction, from the University of London, and industry certifications in finance. She is a naturally curious person and likes to travel here and abroad.