New York
Global banks and investors said they were stepping up their preparations for a victory by Democratic presidential candidate Joe Biden after his rival Republican President Donald Trump revealed he had tested positive for Covid-19.
The development was the latest dramatic twist in an extraordinary election year that had many banks and investors planning for no clear winner on Nov. 3 with a global market panic expected to ensue, Reuters reported Wednesday.
They were quickly shifting gears on the basis that Trump’s positive result would deal a blow to his campaign and lessen the overall chances of a contested election outcome.
“We expect institutional investors to start de-risking portfolios and increasing hedges in preparation for market volatility.”—Agencies
