Thu. Oct 22nd, 2020

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Global shares plunged

1 min read

GLOBAL MARKETS

Global shares slipped on Thursday as investors locked in recent gains amid rising concerns about resurgent COVID-19 infections and after U.S. Treasury Secretary dashed any remaining hopes of a stimulus package before the Nov. 3 election.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.5% while Japan’s Nikkei dropped 0.5%.

U.S. S&P 500 futures ESc1 sagged 0.27% in Asia after major U.S. stock indexes ended the previous session lower, with the S&P 500  closing down 0.7% and the Nasdaq Composite Index shedding 0.8%.

Disappointing quarterly results from Bank of America and Wells Fargo led the S&P 500 banks index 2.4% lower.

Concerns that a resurgence in the COVID-19 pandemic could lead governments to again shut down economies spurred profit-taking, particularly after the recent stock rally.

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