Global shares slip as investors book profits amid Covid-19 concerns

Tokyo — Global shares slipped on Thursday as investors locked in recent gains amid rising concerns about resurgent Covid-19 infections and after the US treasury secretary dashed any remaining hopes of a stimulus package before the November 3 election.

Disappointing quarterly results from Bank of America and Wells Fargo led the S&P 500 banks index 2.4% lower. Downbeat comments from US treasury secretary Steven Mnuchin that a stimulus deal was unlikely be made before the November 3 vote also provided another excuse for profit-taking. “It smacks of opportunism when markets were saying just a few months ago stocks would crash if Trump would lose and now they say a Biden victory would be good for stocks,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “What this suggests is that markets are flush with cash after massive monetary easings by global central banks.”

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