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European Stocks Seen Sharply Lower; President Trump Tests Covid Positive

Stock Markets Oct 02, 2020 02:07AM ET
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© Reuters

By Peter Nurse

Investing.com - European stock markets are seen opening sharply lower Friday, with the news U.S. President Donald Trump has tested positive for the coronavirus weighing heavily on sentiment by greatly increasing the uncertainty around the November elections.

At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 1.2% lower, CAC 40 futures in France dropped 1.4% and the FTSE 100 futures contract in the U.K. fell 1.3%.

Earlier Friday, President Trump confirmed, via a tweet, that he and his wife Melania had contracted the Covid-19 virus, just a few hours after a top aide he had spent substantial time with this week had also tested positive.

The U.S. House of Representatives passed a $2.2 trillion Democrat-only fiscal stimulus package late Thursday after the most concerted talks between the top negotiators since early August failed to yield a bipartisan agreement.

This bill, however, is extremely unlikely to pass through the Republican-dominated Senate, as sharp differences over the size and makeup of the package still exist, and time is running out before Congress adjourns.

Most growth forecasts for the fourth quarter had been predicated on the idea that there would be another fiscal package to support the economy’s recovery.

The data slate in Europe centers around the release of consumer inflation data for the euro zone, but most attention will be on the official U.S. jobs report for a gauge on how the world’s largest economy is recovering.

“Jobless claims edged lower again, but remain incredibly elevated as labour market strains continue. Incomes have also been dropping back and spending growth is starting to slow as we see more evidence of a leveling off in the recovery,” wrote analysts at ING, in a research note.

Oil prices weakened Friday, continuing the selloff from the previous session, as concerns over what a resurgence in Covid-19 cases will do to the demand for crude, with the President's infection amplifying this concern, just as production starts to rise.

U.S. crude futures traded 3.6% lower at $37.33 a barrel, while the international benchmark Brent contract fell 0.9% to $40.55. Both contracts fell more than 3% Thursday, and are on course for a second consecutive week of declines.

Elsewhere, gold futures fell 0.2% to $1,912.15/oz, while EUR/USD traded 0.2% lower at 1.1725.

European Stocks Seen Sharply Lower; President Trump Tests Covid Positive
 

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Comments (9)
Fabio falec
falec Oct 02, 2020 3:48AM ET
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The EU markets has no reason to drop on this news as it has already dropped as a desperate, yet the US market is almost ATH. And, as always we'll see EU in red, and US in green. I am looking forward for this reserve currency $ to get dismantled over the years. 🤮
David David
David9 Oct 02, 2020 3:35AM ET
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I told you guys...he doesn't believe in mask so it was 100%, the virus would get to him...
Александр Гараев
Александр Гараев Oct 02, 2020 3:19AM ET
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F....ing intrigan ... could be sick in silence😤
Sunny Yung
Sunny Yung Oct 02, 2020 3:17AM ET
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CV can only stop if Trump gets CV
Saintclar Cédric
Saintclar Cédric Oct 02, 2020 3:12AM ET
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corona ? who cares... *****..i also have it. bouhhhh!!!!
Vv Pp
Vv Pp Oct 02, 2020 3:02AM ET
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karma is a ****haha
JAZIB HD Gaming
JAZIB HD Gaming Oct 02, 2020 2:58AM ET
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trump wants to win this elections he can do anything. even making a fake news of his family getting covid 19.
Kangsung Lee
Kangsung Lee Oct 02, 2020 2:40AM ET
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good job man!
Jesse Mulliniks
Jesse Mulliniks Oct 02, 2020 2:33AM ET
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Wow. I’m not a trump fan by any means, but this kind of news is rough. Hoping for a quick recovery and maybe this will be a wake up call to those who doubted science.
Serena Chin
Serena Chin Oct 02, 2020 2:33AM ET
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He is not sick other than being sick in the head and Melania is radiantly healthy.
Serena Chin
Serena Chin Oct 02, 2020 2:33AM ET
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And btw there is also fake news in “science”.
peter kumar
peter kumar Oct 02, 2020 2:33AM ET
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there was a guy named Rance mulliniks who played in MLB in 1980s !
 
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