Renewables Stocks Soar as Democrats Sweep U.S. Congress

Renewable energy stocks rallied in Asia and Europe on Wednesday as Tuesday’s mid-term elections in the United States resulted in a sweeping victory for the Democrats, who took control of both the House and Senate. The “blue wave” of the elections turned into a “blue trade” in equity markets, where renewable energy stocks soared at opening in many Asian and European markets.

Investors are betting that Democrats would favor renewable energy, unlike President Donald Trump, who has been openly hostile to clean energy in both his statements and executive actions since taking office for his second term. With Democratic control of Congress that could push against the Trump Administration’s anti-renewable policies, stocks of European wind turbine makers and solar equipment manufacturers in South Korea jumped.