Markets Rocked As President Trump Tests Positive for Coronavirus
Overnight financial markets have been shocked by the news that US President has tested positive for Coronavirus. Equities have plunged lower while the US dollar and government bonds have all seen solid inflows, likely based around the desire for safety at this uncertain time.
The news comes after the President’s Advisor, Hope Hicks, tested positive for the virus late last night. She travelled to the Tuesday debate with the President on Air Force 1 where it’s likely the infection was contracted. The President will now be monitored 24 hours a day to evaluate his state of health. His schedule for today, and likely the weekend, will be cancelled as his health team observe any developments.
Markets will no doubt see a large bout of volatility run through them today as investors position for what will be an uncertain period before the November election. Equities should see the most amount of pressure while it’s quite possible the greenback strengthens in this situation as safe-haven assets are sought.
Also on the agenda today, the September US non-farm payrolls report. Expectations are for 850K jobs to have been added to the US economy last month with the unemployment level dropping to 8.2%. The report will cross the wires at 13.30.
Have a great weekend, stay safe.
8:18am, October 2nd 2020
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