US markets fall after Trump tests positive

US markets fall after Trump tests positive

President Donald Trump’s positive test for coronavirus rattled markets, with US stock markets dropping at the open.

After trading down almost 1pc for most of the day the FTSE 100 closed up 0.4pc in London.

The closely watched monthly US jobs report showed the rate of new jobs in the American economy slowed in September, putting a further dent in the president’s re-election hopes.

The yen and US Treasuries, often seen as havens in times of market stress, rose. Crude oil extended losses, with Brent down for a second day.

James Ingram  at MB Capital warns the US could be in the middle of a “horrific recession”.

The markets have never liked uncertainty and this figure is much weaker than the August figure of almost 1.4m jobs added and investors will be concerned to see the momentum to close the gap on the huge job losses earlier this year is slowing.  This figure rounds off a week of uncertainty where Covid continues to lead the headlines alongside the first presidential debate adding no clarity to how the Americans will vote in the upcoming election.

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