Trump’s election victory will boost US stock market, Biden-Harris win will be ‘disastrous’ – Mark Mobius

President Trump’s stance of lifting COVID lockdowns will kickstart the country’s economic recovery, according to veteran investor Mark Mobius. He believes governments should lift lockdowns to get economies going.

In an interview with the Financial News London, the CEO of Mobius Capital Partners said that Trump’s win in the November presidential election would “definitely” boost the US stock market. “His goal is to get people back to work, reduce unemployment and generally boost the economy,” Mobius said, adding that Democratic candidate Joe Biden and his running mate Kamala Harris’ victory would be “disastrous.”

According to the latest Wall Street Journal/NBC News poll, Trump is losing ground to former US vice president Joe Biden. Fifty percent of US registered voters say they would vote for Biden if the election were held now, while 41 percent back Trump.

Talking about how the coronavirus crisis has battered the world’s largest economies, Mobius said that governments should “cease the shutdown actions and allow people to return to their normal living and working routine.”

Too much emphasis has been placed on Covid-19 to the detriment of the majority of the people, said the 84-year-old fund manager. “It is possible to allow the normal operations of the economy by encouraging people to wear masks and follow simple hygienic behaviors. I estimate that more lives have been lost not related to Covid-19 [but] because of the hardship engendered by the shutdown measures.” 

More than 173,000 people in the United States have died of COVID-19. The coronavirus pandemic triggered the sharpest contraction of the US economy ever in the second quarter, causing an historic 33 percent GDP plunge.

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