The markets have an amazing way of cutting through the bluster and posturing of election candidates. All through the US presidential campaign as the candidates fought nip and tuck for an advantage, the markets reflected that uncertainty.

Al Gore fought to persuade the blue-collar Democratic rump that he was their man, the enemy of big business and the pharmaceutical industry. George W Bush insisted he was not in the pocket of the oil and tobacco interests.

As soon as the Texas governor won out in the courts, the markets showed what it thought of his protestations. Big business in general has breathed a sigh of relief and its shares have risen. In particular, tobacco and healthcare stocks have taken on a new lustre in what is being termed the "Bush bounce". Other sectors which may benefit from his elevation are seen to include energy, telecoms and financial services.

It may take a while for the full effect to be felt. A profits warning from Microsoft on Thursday was enough to take the Bush gloss off the markets, for now at least. Still, Microsoft is likely to be one of those companies welcoming the new president. Mr Bush has shown little tolerance for the sort of antitrust campaign that has dragged the software giant through the courts.