Wall Street drops as Investors Brace for Presidential Debate

Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between US presidential candidates Hillary Clinton and Donald Trump. 

 

Big banks led the declines as investors worried that Deutsche Bank might need to add additional capital to pay for a USD 14 billion US demand to settle claims it missold mortgage-backed securities. Its US-listed shares fell 7.06 percent to a record low after the bank said it had no need for German government assistance, a response to an earlier report that Chancellor Angela Merkel had warned not to expect any. 

 

The race for the White House has so far had little discernible effect on the sentiment but that may change if Monday's encounter leaves a decisive winner. With just over six weeks until the November 8 vote, some investors see the neck-and-neck contest sparking volatility in sectors including health insurers, drugmakers and industrials.

 

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