Trump with coronavirus: stocks and oil down amid investor uncertainty

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The contagion of the leader of the largest economy in the world raises more doubts among investors about what could happen.

The stock prices and from Petroleum they fell sharply on Friday, following Donald Trump’s announcement that he tested positive for coronavirus.

Futures for US stocks and Asian stocks also fell on Friday.

Future contracts for both the S&P 500 and the Dow Industrials fell nearly 2%, but traded 1.2% lower several hours later. Oil prices fell 3%.

Trump tweeted the news of his test results just hours after the White House announced that Senior Assistant Hope Hicks had contracted the virus after traveling with the president several times this week.

The contagion of the leader of the world’s largest economy accumulates uncertainty on a growing pile of unknowns investors are grappling with, first among them, how could it affect the November 3 elections and US policies on trade, tariffs, and many other issues beyond that date.

“Say this could be a big problem is to fall short“Rabobank said in a comment.” Anyway, now everything takes a back seat to the last incredible twist in this US election campaign. “

Oil fell also helped by a context of imbalance between supply and demand that continues to be not very conducive to price recovery.

Around 6.40 am a barrel of North Sea Brent for delivery in December worth $ 39.34 in London, 3.88% less than on Thursday at the close.

In New York, the WTI barrel for November down 4.18%, at $ 37.10.

On Thursday, the two benchmark prices had already fallen more than 3% at the close, having crossed the -5% mark during the session.

“Oil prices experienced a very turbulent session yesterday (Thursday) and declines continued to accelerate this morning on the news that US President Donald Trump tested positive for coronavirus,” commented JBC analysts.

The announcement caused oil prices to plummet, which at that time were only losing 1%.

Investors remain concerned “that the oil production of the Organization of the Petroleum Exporting Countries (OPEC) is increasing while the rebound in demand is wearing off,” the JBC analysts added.

And the absence of a new plan American recovery doesn’t help, according to Oanda’s Jeffrey Halley.

“The combination of tepid demand, increased global supply and political uncertainty in the United States is creating a powerful cocktail that drives prices down,” said Stephen Brennock, analyst at PVM.

AFP and AP


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