US futures and global markets rattled after Trump tests positive for coronavirus
“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately,” Trump tweeted shortly before 1 a.m. ET Friday. “We will get through this TOGETHER!”
Oil futures also tumbled. US crude futures fell 4.3% to $37.06 per barrel, while Brent, the world oil benchmark, lost 4.2% to hit $39.20 per barrel. Both had settled lower on Thursday.
“The Trump diagnosis is an immediate negative,” said Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, adding that safe haven assets will likely strengthen on the news. The Japanese yen has already surged and was last trading at about 105 yen per US dollar, up 0.4%. Gold prices were little changed at $1,913 per ounce.
“They should all be out of commission, anyone in the West Wing,” Reiner told Fintech Zoom’s Don Lemon. “Seriously, the virus doesn’t care if you don’t take it seriously. It’s an incredibly contagious pathogen.”
Halley said investors should now be looking out for how far the virus has spread across the US administration.
“Has Covid-19 now spread to the upper echelons of the US Government leadership, including the Senate Republicans?” he said, adding that many are old men and therefore in a high-risk group. “That will be an evolving situation over the coming weekend and will lead to a sustained rotation into defensive positioning if it becomes reality.”
— Charles Riley, Anneken Tappe and Jazmin Goodwin contributed to this report.