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.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
3rd Party Cookies
This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.
Keeping this cookie enabled helps us to improve our website.
Please enable Strictly Necessary Cookies first so that we can save your preferences!
