🔻 Indices tumble as Trump tests positive

6:37 AM October 2, 2020

😷 Donald Trump tests positive for the COVID at the worst time. Will it cost him the win in November? Markets are concerned.

Indices started October on a positive footing, especially in the US where a mix od solid data and stimulus hopes were driving flows to equities. However the news of positive COVID test for Trump and his wife poured a bucket of cold water on market sentiment. This is a bad news for couple of reasons. First, it will show to some that pandemic could be a real threat. Second, it could seriously undermine chances of reelection for Trump (and markets are afraid of Biden win). Furthermore, there’s still no deal on stimulus and it looks increasingly likely that there will be nothing until the elections.

After a very strong Monday session DE30 has been down for 4 consecutive days. Bulls are trying to mitigate the early damage but for now the correction is not over.

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