Caterpillar, Deere rise as Donald Trump elected US president
Updates
** Shares of industrial and farm equipment makers climb after Donald Trump is elected U.S. president
** Caterpillar CAT.N rises 7.4% to $411.6, Deere DE.N up 1% at$404.17 in early trade
** Trump has said he would bring back manufacturing jobs from foreign countries by offering incentives to encourage firms to relocate to U.S.
** Caterpillar could benefit from reshoring of facilities to U.S. and possibly lower taxes, says Brian Jacobsen, chief economist at Annex Wealth Management
** "Deere isn't up as much as the broader market, so it might be that it's being pulled along with the relief rally taking place," Jacobsen says
** Trump has warned Deere of steep tariffs on its imports into the U.S. if it moves production to Mexico as planned
** "Deere was singled out by Trump on the campaign trail, so that could be casting a small cloud over the stock," - Jacobsen
** CAT stock up about 1%, DE stock up 0.13% YTD
Reporting by Shivansh Tiwary in Bengaluru
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