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How should investors approach the upcoming U.S. election?

29 October, 2020

It’s not at all unusual for volatility to spike and uncertainty to rise as we enter the final stretch in the lead up to the U.S. election. As strategists and asset allocators, we remain broadly constructive on risk assets, but we’re also vigilant about the risks associated with election cycles.

 

The outcome of this election will provide important information about the future path relating to U.S. fiscal, trade, and regulatory policy, and it'll give investors the opportunity to implement more nuanced market positions. That said, we continue to believe that several key structural macro themes will remain particularly relevant to investors regardless of the election outcome.

Crucially, while investors might be tempted to head for the exits in view of heightened uncertainty, we’d argue against it. As Nathan W. Thooft, CFA, our global head of asset allocation, has noted previously, historical data suggests that it makes sense for investors with a longer-term investment horizon to stay invested, even when confronted with high levels of uncertainty.

The two key known unknowns

In our view, there are two key factors that'll determine the market's direction in the hours, and possibly days, after the election—the length of time it’ll take for the outcome to be finalized and the composition of the U.S. government, which is dependent on not only the outcome of the presidential election, but also the results of the Congressional elections.

 

When will we know the final outcome?

Given the higher than typical share of mail-in votes, it's entirely possible that a winner may not be declared on November 3. Some U.S. states, such as Florida and Arizona, have preprocessing procedures that enable them to begin counting mail-in ballots in advance; others can only start the counting process on either the day before or day of the election. Understandably, this isn't what we're used to, and markets have responded by pricing in greater odds of volatility through November and December. However, it's also important to remember that the results of the 2000 U.S. presidential election weren't finalized until 36 days after the vote had taken place.1 In other words, even if we were confronted with a delay this November, it isn't unprecedented.

 

The composition of government might matter more than who wins the presidency

With the Democrats widely expected to retain their majority in the House of Representatives (as of this writing), the focus shifts to the contest for the Senate. In addition to being a far tighter race, we also believe that the battle for control of the Senate is far more relevant to investors—the outcome could influence future U.S. policy, from trade agreements to fiscal policy.

In our view, if the Republican Party—which typically favors a more conservative approach to fiscal spending—manages to hold on to its majority in the Senate, it's reasonable to assume that U.S. government spending in the next few years could be relatively lower than it would've been otherwise.

At this point, it's just as important to note that the size of the majority that a party commands in the Senate could also make a huge difference. The magic number here is 60—if either party manages to win at least 60 seats in the Senate, it'll make it much more difficult for its opponent to invoke the filibuster, thereby making the task of pushing through the majority party's agenda a much easier task.

Interestingly, markets have traditionally fared better when we have a split government where both political parties retain some form of influence over the policymaking process,2 as it tends to make it more challenging for the administration to push through significant policy changes. The implication here is that it's more likely for status quo to be maintained. However, given that the economy is likely to remain very fragile in the first half of 2021, a split government could delay any fiscal aid, potentially adding an additional layer of uncertainty to the general environment.

 

Four scenarios to monitor

History has taught us that polls can be unreliable. Consequently, instead of assigning probabilities to outcomes based on election polls, we believe it's more practical to focus on the four most likely election outcomes and the associated implications for each of them (these scenarios assume that the Democrats retain control of the House of Representatives).

From a macro perspective, fiscal policy, structural regulatory changes to key sectors (particularly those that are relevant to the broader economy), and trade policy are of most interest to investors given their respective impact on growth and inflation outlooks, broad risk sentiment, and the foreign exchange market.

 

1) Republicans retain control of the Senate AND a second term for President Trump

Fiscal

A moderate stimulus package is likely, although it could be smaller in size than it would’ve been had the Democrats won control of the Senate. In this scenario, we'd expect to see a stronger U.S. dollar relative to other election outcomes. Inflationary pressures are also likely to be lower in this scenario when compared with a Democratic sweep.

Key sector watch

We expect firms in the technology space to benefit on a relative basis when compared with other outcomes, as they'd be less likely to face the prospect of a possible tax hike, for now.

Global trade

In this scenario, we largely expect the status quo to remain, although an escalation in geopolitical tensions—which could lead to the creation of new trade barriers—cannot be ruled out. If that were to happen, the U.S. dollar could strengthen on the back of its perceived safe haven status.

 

2) Republicans retain control of the Senate AND Joe Biden forms a new administration

Fiscal

In our view, this outcome could pave the way to the passage of a moderate stimulus package—possibly the smallest in size relative to the other three outcomes outlined here—as a result of protracted negotiations.

Key sector watch

In this scenario, it could be challenging for the new administration to introduce major reforms. Sectors that are likely to benefit from a status quo scenario (for instance, healthcare) could experience relief as perceived risks arising from regulatory changes recede; however, sectors that had benefited from growing expectations of a large stimulus package could give back recent gains.

Global trade

The new administration is likely to adopt a comparatively less hawkish approach to global trade and foreign policy relative to its predecessor. While we expect tensions to persist, they’d likely be moderated to some extent.

 

3) Democrats win control of the Senate AND a second term for President Trump

Fiscal

We expect a sizable fiscal stimulus package to be passed in short order in view of President Trump's recent comments relating to the subject. In this scenario, we expect the U.S. dollar to remain rangebound as the prospect of a larger fiscal deficit (which typically leads to a weaker greenback) is offset by its safe haven status in the face of rising geopolitical uncertainty.

Key sector watch

We believe the energy patch could experience some relief as the prospects of stricter climate regulations are less likely to be passed into law, for now.

Global trade

In this scenario, we expect the administration to maintain its hawkish approach toward global trade and foreign policy. That said, we expect trade rhetoric to be slightly less aggressive than in a scenario where the Republicans had retained control of the Senate.

 

4) Democrats win control of the Senate AND Joe Biden forms a new administration

Fiscal

Of the four scenarios outlined here, we believe this outcome would lead to the passage of the largest fiscal stimulus package to support the U.S. economy. We expect the package to be financed by the U.S. Federal Reserve (Fed) and, over the course of several years, higher corporate taxes.

Key sector watch

It's likely that the technology and healthcare sectors could come under pressure as the administration moves to implement proposals he had outlined during the campaign, specifically the global intangible low-taxed income plan and the additional tax on worldwide book income. On the other hand, the industrials sector and other industries that are likely to receive direct or indirect support from the expected ramp up in fiscal spending could benefit.

Global trade

From a trade policy perspective, we believe this is likely to be the least hawkish outcome; however, we continue to believe that global trade tensions and the movement toward deglobalization will persist, even in this scenario.

 

Note: Projections or other forward-looking statements regarding future events and expectations are only current as of the date indicated. There is no assurance that such events will occur.

 

Three long-term themes that matter regardless of the outcome

The upcoming U.S. election is no doubt important, but we believe investors should also pay attention to emerging macro themes that are likely to play an important role in shaping global financial markets.

  1. We continue to expect interest rates to remain extraordinarily low in developed markets. We don't expect any major central bank to raise interest rates in the coming five years—rather, we think there’s a likelihood that policy rates could be cut further, taking rates into negative territory (in some cases, further into negative territory). A return to a lower-for-longer interest-rate environment, combined with the Fed's shift toward average inflation targeting and the abundance of remarkably large quantitative easing programs, could mean that global yields will remain suppressed for some time—particularly in the front end of the yield curve, up to the 10-year maturity. Where investors are concerned, this means the search for yield becomes a more challenging task, likely pushing them further out on the risk spectrum and forcing them to embrace assets with less desirable risk/return profiles.
  2. In some ways, the COVID-19 outbreak has rewritten the rule book for how we look at fiscal balances. We expect debt-to-GDP ratios in most developed economies to remain near historically high levels in the coming years. By the same logic, we also expect government debt issuance—specifically, long-dated debt—to rise, which would create downward pressure on the very long end of the yield curve.
  3. Finally, regardless of the outcome of the U.S. election, we expect geopolitical tensions to remain elevated for some time. The ongoing health crisis and its associated impact on the global economy will no doubt add to a growing sense of uncertainty, as will the emergence of trade tariffs as the gradual movement to unwind decades of globalization takes shape, along with its various implications for the global supply chain.

 

Download full PDF

 

1 "The Bush-Gore Recount is an Omen for 2020," The Atlantic, August 17, 2020.
2 "Blue Wave Breaches the Red Wall," Bank of America Merrill Lynch, November 8, 2018.

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Disclaimer (Singapore Investors)

 

Please read carefully these Terms and Conditions of Use (these "Terms") relating to access and use of this website. By clicking "accept" at the bottom of this page, you confirm that you agree to the Terms and Global Terms, and are an investor domiciled in Singapore. By clicking "accept" below, you also confirm that you consent to the setting of cookies on this machine to remember site preferences and track user activity. If you do not agree to be bound by or comply with the Terms or the Global Terms, or do not consent to the use of cookies, please do not access or use this website.
 

This website is operated by Manulife Investment Management (Singapore) Pte. Ltd. ("Manulife Singapore"), which is an entity regulated by Monetary Authority of Singapore. Manulife Singapore is a member of the Investment Management Association of Singapore (IMAS), and a fund management company included under the Central Provident Fund Investment Scheme (CPFIS).
 

Manulife Singapore reserves the right, in its sole discretion, to change, modify, add to, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be notified to you by, and effective upon, posting on this website. You agree that such notification of changes shall be sufficient notice for the purpose of this clause. If you use this website after we post changes to the Terms, you are deemed to have accepted the Terms as changed. If you do not agree to be bound by the changes, you shall immediately cease all access and/or use of this website. Manulife Singapore expressly reserves the right to monitor any use of this website.


You agree:- (i) to comply with all the notices, guidelines, rules and instructions pertaining to the use of the website as issued by Manulife Singapore from time to time and/or made available at this website, including all specific terms and conditions governing use of specific aspects of the website set out in any additional terms and conditions; (ii) to abide by all applicable laws and regulations in your use of the website; (iii) not to impersonate any person or entity or to falsely state or otherwise misrepresent your affiliation with any person or entity; (iv) not to upload or distribute in any way files that contain viruses, corrupted files or any other similar software, programs, macros or files that may impair or damage the operation of another's computer or handset; and (v) not to post, promote or transmit through the website any unlawful, harassing, libellous, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature.


The information provided on this website is intended solely for use by Singapore residents and is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Manulife Singapore (including its affiliates) (collectively hereafter "Manulife") or any of Manulife's products or services to any registration requirement within such jurisdiction or country. Nothing on this website shall be considered as a solicitation to buy or an offer to sell a security or service to any person. Manulife Singapore does not claim that any products or services referenced in this site are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location outside Singapore, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. By proceeding you are representing and warranting that you are either resident in Singapore or the applicable laws and regulations of your jurisdiction allow you to access the information on this website.


Manulife Singapore may from time to time without giving any reason or prior notice, upgrade, modify, alter, suspend, discontinue the provision of or remove, whether in whole or in part, this website and shall not be liable if any such upgrade, modification, suspension or alteration to the website prevents you from accessing the website or any part or feature thereof. The information and/or any other material contained in the website may be modified, deleted or replaced from time to time and at any time in the absolute discretion of Manulife Singapore. Any changes, modifications, or additions to, or deletions from these Terms or Global Terms shall be effective upon posting on this website. If you access this website, including the country-specific sections, after changes are posted to the Terms or Global Terms, you further acknowledge the Terms or Global Terms as changed and agree to be bound by them.


You will indemnify Manulife and their officers, directors, employees and agents in respect of any third party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from your use of this website or any information or content therein, and/or the use or supply of information to a third party provided in breach of any of your obligations under these Terms.

 

Limitation of Liability on System and Transmission over the Internet

Manulife, or any of their respective directors, officers, employees or agents shall not liable for any event of Force Majeure, any virus or other harmful component affecting the website or any server that operates it, any interception of data or communications in connection with the public nature of the internet, any problems or technical malfunction of any telephone network or lines, computer online systems, servers or providers, computer equipment, software failure of any email or entry to be received on account of technical problems or traffic congestion on the Internet, telephone lines or at any website, or any combination thereof, including any loss of opportunities or profit arising from any time delay, system disruption or interruption, transmission blackout, delayed transmission or any incorrect data transmission, or any injury or damage to the computer or other electronic devices or property of any person accessing their website or any other person related to or resulting from accessing the websites or downloading any materials from the website of Manulife Singapore or any third party.


Manulife, or any of their respective directors, officers, employees or agents shall not be liable for any and all losses, injury (including special, indirect and consequential losses), damages, rights, claims and actions of any kind resulting from accessing or downloading any materials from the website of Manulife Singapore or any third party, including without limitation, personal injuries, death and property damage.


Except as specifically set forth herein or where the law requires a different standard, we shall not be responsible for any loss, damage or injury or for any direct, indirect, special, incidental, exemplary, or consequential damages, including lost profits, arising from or related to the system, equipment, browser and/or the installation or maintenance thereof, access to or use of the website, failure of electronic or mechanical equipment, the internet, the system, or communication lines, telephone or other interconnect problems, bugs, errors, configuration problems or incompatibility of computer hardware, software, the internet, or the system, failure or unavailability of internet access, problems with internet service providers, problems or delays with intermediate computer or communications networks or facilities, problems with data transmission facilities or any other problems you experience due to causes beyond our control.

 

Intellectual Property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Manulife, unless otherwise indicated. All intellectual property and proprietary rights in the content, including but not limited to text, software, code, scripts, webpages, music, sound, photographs, video, graphics, graphical user interface, forms, diagrams or other material contained in the website belong to Manulife or the applicable third party service provider unless otherwise indicated. Manulife reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is made available for personal browsing and printing purposes only. You may access material displayed on this website for your non-commercial use only provided that you also retain all copyright and other proprietary notices contained on the materials. Users of this website may not otherwise:

  1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Manulife; 
  2. use, copy, modify, or display any Manulife name, logo, text, or graphic image without Manulife's express, written permission;
  3. display any of the pages, text, images, or other content of this website using "framing" technology without Manulife's express written permission; 
  4. use or reproduce the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use only; 
  5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Manulife; or 
  6. insert a hyperlink to this website (or any part thereof) on any other website or webpage or "mirror" any material contained on this website on any other server or establish and/or maintain, on any website or webpage, any in-links, frame-links and/or any other type of hyperlinks to this website or any part thereof.


The website may contain content posted, emailed or otherwise submitted by you and/or, in the case of the website, by other users of the website (“User Content”). Manulife Singapore has the right to access and examine any User Content and may in its absolute discretion move, remove or disable access to User Content or cause the same to be done. You grant Manulife Singapore a perpetual, irrevocable, royalty free licence to use, reproduce, modify, adapt, publish, translate, incorporate in other works, distribute and display any information posted, emailed or otherwise submitted by you, in whole or in part.

 

Computer Equipment, Browser Access and Internet Services

You are responsible for obtaining, installing, maintaining and operating all software, hardware or other equipment (collectively, “System”) necessary for you to access and use and access this website. This responsibility includes, without limitation, your utilising up to date web-browsers and the best commercially available encryption, antivirus, anti-spyware, and internet security software. You are additionally responsible for obtaining Internet services via the Internet service provider of your choice, for any and all fees imposed by such Internet service provider and any associated communications service provider charges. You acknowledge that there are certain security, corruption, transmission error, and access availability risks associated with using open networks such as the Internet and you hereby expressly assume such risks, including, but not limited to those we may disclose in our materials. You acknowledge that you are responsible for the data security of the Systems used to access this website, and for the transmission and receipt of information using such Systems. You acknowledge that you have requested access to the website for your convenience, have made your own independent assessment of the adequacy of the Internet and Systems and that you are satisfied with that assessment. Manulife Singapore is not responsible for any errors or problems that arise from the malfunction or failure of the Internet or your Systems nor are we responsible for notifying you of any upgrades, fixes, or enhancements to, or for providing technical or other support for your Systems. Although we may provide a link to a third party site where you may download software, we make no endorsement of any specific software, hardware or Internet Service Provider and your use of any such software, hardware or service may also be subject to the license or other agreements of that provider, in addition to these Terms of Use.

 

Hyperlinks

We do not recommend or endorse and accept no responsibility for the content of any website not operated by Manulife Singapore which you may visit by following a link from this website. You acknowledge and agree that Manulife Singapore is not responsible for the availability of such third-party sites or resources, and do not endorse, approve, investigate or verify, and are not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further agree that Manulife Singapore shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources. These links are provided as a convenience and solely for informational purposes. Manulife Singapore is not making any recommendation to invest in, purchase, or sell any securities or other products or services issued by the companies with the linked sites, nor has Manulife Singapore sought to verify or confirm the information contained in the linked sites. Accordingly, Manulife Singapore disclaims any responsibility for the linked sites.


No other website, without the prior written permission of Manulife Singapore, is authorized to link to any part of this website.

 

Investments

The contents on this website are for information only and without consideration given to the specific investment objective, financial situation and particular needs of any particular person and Manulife does not make any representation that the securities, investment products or services referred to, discussed on, or accessible through, this website are suitable for any particular investor. You should consider whether the security, investment product or service in question is suitable for you and may wish to seek professional advice before making a commitment to invest in any such security, investment product or to engage such service.
 

The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.


Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.


An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.


Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
 

On this website:

  1. The short name and full name of the following funds are as follows: Asia Pacific Investment Grade Bond Fund = Manulife Asia Pacific Investment Grade Bond Fund; Global Asset Allocation – Growth Fund = Manulife Global Asset Allocation – Growth Fund; SGD Income Fund = Manulife SGD Income Fund; Singapore Bond Fund = Manulife Singapore Bond Fund; Singapore Equity Fund = Manulife Singapore Equity Fund.
  2. The following are sub-funds of Manulife Global Fund:
    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

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