'No Good Outcome For Markets': BSE Member Ramesh Damani On US Midterm Polls | NDTV Profit Ignite

BSE Member Ramesh Damani painted a grim picture for global investors ahead of the US midterm elections, as he said global markets can't expect a good outcome even if the Republicans perform poorly because Donald Trump will still remain the US President.

"My feeling is that come November 3rd, when the elections are due, there is no good outcome for global markets or for global players. Because let's take the case that Trump wins; let's assume that against all odds, the Republicans win or remain in control. This man, the president of the United States, has been an unchecked power in the last two years. He will remain there. He will be answerable to nobody out there. He will be an autocrat completely," he said at NDTV Profit Ignite.

In the session titled Markets vs Trump's Tantrums, Damani said the world prospered because the US adhered to a rules-based system. With tariffs, Trump has been killing the goose that lays the golden egg, he added.

"What Trump is trying to do by introducing tariffs and talking down to people is basically killing the goose that lays the golden egg. Let's assume the other side, let's assume that as the polls say, the Democrats will win. I think the first threat that I see, and there are already some indications of that, is that we are headed to a constitutional crisis in America. By that, I mean that he may refuse to cede Congress. He's already said that in Alaska, that if the Republicans win, it's a fair election; if the Democrats win, I want to recount. That doesn't work like that in democratic politics," he averred.

How are the US midterm elections set to affect Indian markets? Ramesh Damani, Member, BSE, shares his views in conversation with @Niraj_Shah at #NDTVProfitIgnite 2026. https://t.co/IdqB0t1J4p

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However, he said if the Democrats win by a massive majority, Trump can't constitutionally challenge the outcome.

Irrespective of the result, he said, Trump will remain in charge of the US military might and can continue waging war on Iran, whose cascading effects impact the global supply chains.

"He still is the commander-in-chief in America, and Benjamin Netanyahu will be the prime minister for the next three months or so before a new government is possibly sworn in there. And they're going to attack Iran. It seems pretty obvious to me that they will attack Iran. What they haven't been able to win at the ballot box, they're going to try and win on the battlefield," he said.

Damani said that in the near term, the world is staring at a spike in oil prices and possible global chaos.

"It's probably not going to work because I think Iran has shown to be a formidable adversary. But the world is looking at a spike in oil prices, perhaps global chaos, and there are some indications that the AI trade is winding down, perhaps," he predicted.