Watch for debate gaffes and blackouts

The stage is set for the first Trump-Biden debate.

And although Democrat Joe Biden's strongest backer in Congress, House speaker Nancy Pelosi, had said he was not obliged to lock horns one on one with Donald Trump, presidential debates are an election ritual that no candidate can afford to miss.

The irony is that - even if the event is, as anticipated, the Thanksgiving turkey gift to Americans - it will unlikely change the outcome of the election.

The debate is between Trump and Biden, but the election is a showdown between Trump's fans and his opponents. Even if another candidate were standing rather than Biden, the vote would still be more or less the same.

Perhaps the only thing to cause Americans to change their minds would be another major Trump gaffe or a Biden sleepwalk. These are the things to monitor, not the content of the debate.

Debate moderator Chris Wallace is a veteran journalist who, before joining Fox News, worked for NBC and ABC. His father, Mike Wallace, was the renowned CBS 60 Minutes-Plus journalist.

The first debate will focus on Trump's and Biden's records, the Supreme Court, Covid-19, the economy and the integrity of the election, as well as race riots and violence in the cities.

The second and third debates will be held on October 15 and 22.

Curiously, the issue of China is conspicuously missing in the first face-off. What does this signify?

American voters are more preoccupied with domestic matters rather than foreign affairs. The China issue will likely be raised in the later debates and it is likely that Trump will take the chance to coincide it with more anti-Beijing policies.

Except for a handful of polls showing Trump leading Biden, most show that Biden has been leading Trump by single to double-digit margins.

Historically speaking, 90 to 95 percent of voters will stick to their choice regardless of who wins the presidential debates.

Yet, if just a small number of voters could change the election results in a tight race in swing states, the debates could prove useful.

Some believe the topics selected for the first debate favor Biden more than Trump. However, the subject of race and violence could land Biden in a difficult position.

Since violence linked to the Black Lives Matter protests is a major concern for US middle-class families, Biden will have to produce a narrative that reassures such voters.

No wonder a CNN commentator strongly criticized Wallace - a Trump critic - for framing the race and violence topic on "wrong" levels.

The debate will undoubtedly be the most watched TV event this week. Although most Americans have already made up their minds, they remain anxious.

People around the world are concerned, too. Everyone will watch the debate for more Trump gaffes and Biden blackout moments.

The financial market will be watching the debates closely. Post-debate polling results may not be available immediately, but the markets will start reacting the next day.

Contrary to most laymen, the financial sector prefers Trump to a Biden administration. If Trump is able to render Biden a knockout, October could well see an improvement in the market compared with September.