World shares down from record highs

World shares slipped from record highs on Monday as caution over rising coronavirus cases saw some profit-taking from investors, while Treasury yields remained close to 10-month highs, indicating expectations for global reflation from anticipated U.S. fiscal stimulus.

Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally.

European shares dipped in early trading, with rising coronavirus cases across the continent and China dragging down commodity stocks. Germany’s DAX lost 0.75%, Britain’s FTSE 100, Italy’s FTSE MIB, and France’s CAC 40 fell about half a percent each, and Spain’s IBEX fell 0.1%.

With Asian stock markets also lower, MSCI’s All Country World index, which tracks stocks across 49 countries, was down 0.2%, just off Friday’s record high.

Futures for the S&P 500 slipped 0.6% from record highs, after gaining 1.8% last week. EUROSTOXX 50 futures eased 0.1% and FTSE futures were flat.

Avadoot Shah

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