With the US election less than two weeks away, Barclays said European stock markets were already pricing in the likelihood of a Trump victory. The company said a basket of European exporters had underperformed the benchmark Stoxx Europe 600 index by 15 per cent since the start of the spring, reflecting investors' pre-positioning for Trump's proposed tariffs, which had been a centrepiece of his presidential campaign and which they expected him to win. If Harris wins, European markets could rebound. Her policies would also boost clean and renewable energy in the region, which have underperformed because of the likelihood of a Trump victory.