October Surprise is Here – President Donald Trump Tests Positive For Corona Virus
President Donald Trump Tests Positive For Corona Virus
President Donald Trump has tested positive for coronavirus. It has triggered uncertainty in the financial market and it is expected that it’ll continue until Trump returns to the normal activity which could take more than a week.
Trump’s positive could cause a new wave of market volatility. Let’s look at the moves in the market:
Futures on the S&P 500 Index dropped 1.3% as of 8:04 a.m. London time. The Stoxx Europe 600 Index fell 1%. The MSCI Asia Pacific Index slipped 0.3%. The MSCI Emerging Market Index lost 0.1%.
The Bloomberg Dollar Spot Index rose 0.1%. The euro slipped 0.1% to $1.1736.The British pound weakened by 0.2% to $1.2866.The Japanese yen strengthened 0.4% to 105.14 per dollar.
The yield on 10-year Treasuries fell one basis point to 0.66%. Germany’s 10-year yield dropped one basis point to -0.55%.
West Texas Intermediate crude decreased 2.7% to $37.66 a barrel.Brent crude declined 2.6% to $39.85 a barrel.Gold strengthened 0.5% to $1,914.87 an ounce.
The US Non-Farm Payroll is set to be published. The US is projected to report an increase of 850,000 jobs and a drop in the unemployment rate to 8.2%. This is the last jobs report before the US election. But there is not a big scope for a market move on this report.
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