Mark Mobius says Joe Biden bad for US equities, good for others

Biden's tax increases would reduce the incentive for people to invest in Wall Street stocks, says Mobius

A Joe Biden presidency would be negative for equities in the US and positive for other markets given his plans to hike taxes on companies and wealthy Americans, according to veteran investor Mark Mobius.

Biden's tax increases would reduce the incentive for people to invest in Wall Street stocks, said Mobius, who set up Mobius Capital Partners after three decades at Franklin Templeton Investments. That will "be good for emerging markets and other global equities since there will be a retreat from the US market," he said in an emailed interview on Friday.