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House impeachment manager Adam Schiff opening arguments: Markets tuned in

  • The opening arguments in Trump's trial are underway.
  • Markets expect that Trump will be acquitted and US stocks have such a scenario priced in. 

In his opening statement at the Senate trial, House impeachment manager Adam Schiff reminds senators of their duty to act impartially. This follows earlier news of the 

Senate Democratic leader Chuck Schumer saying that President Trump’s impeachment trial will begin under a “cloud of unfairness,” after the GOP-led Senate rejected all 11 of his amendments to allow for witnesses and documents in a marathon late-night session. Schumer argued that the lawyers for Trump 'seemed' to be 'loose with the truth' like the president.

The opening arguments in Trump's trial are underway. After both sides present their arguments, senators will have a 16-hour question-and-answer session, followed by a four-hour debate. All votes on future motions in the trial will require a simple majority; the final vote on whether to convict the president needs a two-thirds majority of 67.

Schiff has accused President Donald Trump of "trying to cheat" in the 2020 election

 Adam Schiff has accused President Donald Trump of "trying to cheat" in the 2020 election by using his powers to force Ukraine into launching investigations into Joe and Hunter Bidens.

"It was a smear tactic against a political opponent that President Trump apparently feared", Schiff claimed.

Schiff continued by alleging that Trump had ordered the entire executive branch to "obstruct" the House impeachment probe in what he described as "one of the most blatant efforts at a cover up in history".

"If not remedied by his conviction in the Senate and removal from abuse, President Trump's abuse of his office and obstruction of Congress will permanently alter the balance of power among the branches of government, inviting future presidents to operate as if they are also beyond the reach of accountability, congressional oversight and the law".

Market implications

Risk-off, risk-on is the theme, with markets in the balance of geopolitics. However, directly with respect to the Republican which party hold a Senate majority, Trump will likely be acquitted and US stocks have such a scenario priced in. 

However, the hearing will still make for good viewing and should not be entirely ignored as the House impeachment managers – in essence, the prosecutors – will try to convince senators that the president should be ousted from the White House, for abuse of power and obstruction of Congress.

 

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