General
US stocks come off record highs on fears of new tensions after Joe Biden warns China will ‘eat our lunch’
US stocks have fallen after President Joe Biden said China was poised to “eat our lunch”, a warning that raised concerns for a market trading around record highs on hopes of more stimulus, strong earnings and an improving outlook for the pandemic.
Mr Biden told a bipartisan group of US senators that North America needed to upgrade its infrastructure in the face of the challenge from China.
“They’re investing in a lot of money, they’re investing billions of dollars and dealing with a whole range of issues that relate to transportation, the environment and a whole range of other things,” Mr Biden said.
Mr Biden made the comments after a two-hour phone call…
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