Shares rose Monday in Asia as investors were encouraged by positive reports about President Donald Trump’s health after he tested positive for the coronavirus.
Trump briefly ventured out in a motorcade on Sunday to salute cheering supporters. Trump’s medical team reported that his blood oxygen level had dropped twice in recent days, and that they gave him a steroid typically only recommended for the very sick. They also said his health is improving and that he could be discharged as soon as Monday.
Japan’s benchmark Nikkei 225 gained nearly 1.4% to 23,340.52. South Korea’s Kospi jumped 1.3% to 2,357.93, while Australia’s S&P/ASX 200 surged 2.4% to 5,932.20. Hong Kong’s Hang Seng rose 1.6% to 23,825.56. Markets are closed in Shanghai until Friday.
Stephen Innes, chief global market strategist at Axi, said global markets were focused on Trump’s recovery.
Shares jumped in Japan, Hong Kong, South Korea and Australia, where volumes were lower than normal because of a holiday. S&P 500 futures climbed after U.S. equities finished lower on Friday in a volatile day for global financial markets.
Crude oil pared some of Friday’s slump. The pound fluctuated following a weekend call between U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen on Brexit. The dollar slipped.
In other news, New York plans to crack down on coronavirus hot spots as cases surge, while the French government is said to be looking at further restrictions in Paris.
Overview for the Week Ahead
The Reserve Bank of Australia is forecast to keep interest rates and its three-year yield target unchanged at 0.25% on Tuesday. Also, on Tuesday, Fed Chair Jerome Powell and ECB Chief Economist Philip Lane deliver keynote addresses at the NABE conference.
On Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increase and the U.S. Vice Presidential debate takes place in Salt Lake City on Wednesday.
Though the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.
All these events and more have the potential to influence the markets which means there is plenty of trading opportunities.
Today’s High Impact Events
The times below are GMT+3.
Monday 5th October
17.00 – ISM Non-Manufacturing PMI(U.S.)
Potential instruments to Trade: USD Crosses.
Tuesday 6th October
06.30 – Cash Rate & RBA Rate Statement
Potential instruments to Trade: AUD Crosses.
Tentative – Annual Budget Release (Australia)
Potential instruments to Trade: AUD Crosses.
11.35 – ECB President Lagarde Speaks
Potential instruments to Trade: EUR Crosses.
16.00 – ECB President Lagarde Speaks
Potential instruments to Trade: EUR Crosses.
17.40 – Fed Chair Powell Speaks
Potential instruments to Trade: USD Crosses & Gold.
Wednesday 7th October
15.10– ECB President Lagarde Speaks
Potential instruments to Trade: EUR Crosses.
21.00FOMC Meeting Minutes
Potential instruments to Trade: USD Crosses & Gold.
Advertencia de riesgo: Nuestros productos se comercializan con margen y conllevan un alto nivel de riesgo y es posible que pueda perder todo su capital. Es posible que estos productos no sean adecuados para todos y debe asegurarse de que comprende los riesgos que involucran. Declaración de Riesgos.
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