Global shares fall on uncertainty over US election, pandemic

Global shares fall on uncertainty over US election, pandemic
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TOKYO — Global shares were lower Monday amid widespread uncertainty over what the U.S. presidential election will portend for markets and economic policy.

France’s CAC 40 slipped 0.9% in early trading to 4,863.83, while Germany’s DAX dropped 2.4% to 12,346.01. Britain’s FTSE 100 edged down 0.5% to 5,832.52. U.S. shares were to decline, with Dow futures sinking 1.0% to 27,902. S&P 500 futures were down nearly 1.0% at 3,418.62.

Overhanging markets are surging cases and deaths related to COVID-19, especially in parts of the U.S. and Europe, and potential implications for trade, tourism and economic activity, .

In Asia, Japan’s benchmark Nikkei 225 declined 0.1% to finish at 23,494.34, while South Korea’s Kospi lost 0.7% to 2,343.91. Australia’s S&P/ASX 200 fell nearly 0.2% to 6,155.60. The Shanghai Composite index declined 0.8% to 3,251.12. Markets in Hong Kong were closed for holidays.

U.S. House Speaker Nancy Pelosi said Sunday she’s not giving up on passing another coronavirus relief economic package before the Nov. 3 election. She said she sent a list of concerns to the Trump administration on Friday and was told she would get answers on Monday.

At issue is a huge virus relief bill that would send another $1,200 direct payment to most Americans, restart bonus unemployment benefits, fund additional testing and vaccines, provide aid to schools and allocate money to state and local governments, a Democratic priority.

One major concern is that if the election’s outcome is unclear, that would further delay help for the economy as mounting numbers of coronavirus cases raise the likelihood of further disruptions for businesses.

House Speaker Nancy Pelosi said Sunday she’s not giving up on passing another coronavirus relief economic package before the Nov. 3 election. She said she sent a list of concerns to the Trump administration on Friday and was told she would get answers on Monday.

In energy trading, U.S. benchmark crude lost $1.37 to $38.48 a barrel in electronic trading on the New York Mercantile Exchange. It lost 79 cents to $39.85 per barrel on Friday. Brent crude, the international standard, fell $1.34 to $40.43 a barrel.

The U.S. dollar inched up to 104.90 Japanese yen from 104.71 yen late Friday. The euro cost $1.1819, down from $1.1861.

Yuri Kageyama, The Associated Press





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