While the embarrassingly protracted U.S. elections have made the American political system the butt of jokes worldwide, its effects on international markets might not be a laughing matter.

"What we have seen is that the U.S. election deadlock has led to a decline in asset prices in the United States over the last week and the decline in asset prices in the U.S. could lead to tighter liquidity, which will affect emerging markets," said Roger Scher of Fitch.

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