Solar stocks down amid U.S. election uncertainty

JinkoSolar Holding

05/11/2024 16:42

** Shares of solar companies down as voting begins in a
tightly contested U.S. presidential election and as betting odds
reflect that a Trump win is more likely
    ** The Predictit platform shows Trump has a 62% chance of
winning, while Harris has 38%; opinion polls though reflect a
close contest between the two candidates in each of seven
battleground states
    ** Daiwa Securities analyst Jonathan Kees says the solar
sector has been trading in relation to the election and who has
gained or lost momentum
    ** A Trump win would weigh on the renewable energy sector as
he has said he would "rescind all unspent funds" under the
Inflation Reduction Act, which includes subsidies for EVs, solar
and wind energy, and other clean energy technologies
    ** Shares of SolarEdge Technologies  SEDG.O  down 1.4%,
Enphase Energy  ENPH.O  falls 2.1% and Jinko Solar  JKS.N  dips
1.7% 
    ** First Solar  FSLR.O  and Sunrun  RUN.O  down 1% and 0.3%,
respectively

 (Reporting by Pooja Menon and Vallari Srivastava in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))