Thursday, 8 October 2020

TRUMP’S COVID INFECTION INCREASES THE CHANCE OF FISCAL STIMULUS

President Donald Trump
Hussein Sayed,

Chief Market Strategist at FXTM

President Trump’s Covid-19 diagnosis caught markets by surprise on Friday and they sold off aggressively on the news, with the Dollar ticking higher against its major peers. Investors’ bracing for a month-long of uncertainty until Election Day are now having to deal with another variable, ’the President’s health’ and over the weekend, we received many contradictory reports on Trump’s current situation. Overall, his condition appears to be better than previously thought, especially if he is discharged from the Walter Reed National Military Medical Centre later today.

 

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Meanwhile, former Vice President and Democratic challenger Joe Biden continues to expand his lead in national polls. According to the NBC News/Wall Street Journal poll released on Sunday, Biden is now 14 percentage points ahead of Trump compared to 8 per cent a month ago. This poll was taken after Tuesday’s Presidential debate but before Trump’s diagnosis, so it could take a few more days to find out how the incumbent’s illness will sway American voting choices, especially in the key swing states.

 

US stock futures indicate a positive start for the day with the Dow Jones Industrial Average up more than 200 points and Nasdaq 100 up 1%, following the more than 2% decline on Friday. Stocks in Asia and Europe are also trading higher. While Trump’s improving health may be an element in the better sentiment, it is not the dominant factor. Chances are high that several cities across the globe will reinstate some lockdowns, and possibly national lockdowns if the virus continues to expand rapidly. New York City already announced plans to reinstate some lockdowns in Brooklyn and Queens, Paris raised its alert to maximum and will shut bars completely from tomorrow, and the UK is likely to take new measures as the country continues to battle with a second wave. These are alarming signals.

 

Do you know that the kind of #vehicle you drive goes a very long way in affecting your #image? Yes, your vehicle tells people, including your #prospective #clients, how #comfortable you are. #Comfort is directly proportional to #competence. Of course, if you are competent in what you do, you will be comfortable enough to afford at least a #brand #new vehicle. Have you ever wondered why #banks and other #financial #institutions give their #marketers brand new cars? Your level of comfort goes a long way in determining if your prospective clients will trust you. The reason why you have not won those contracts or deals could be because your prospective customers think that you are incompetent owing to how worn-out your car is. Yes, the onus is on you to acquire brand new cars. Top sales people buy new cars every year. Do you know what? That worn-out vehicle that you currently drive can look like a brand new one. We, at GOF AUTOS LIMITED can make it possible via total #body #work, #refurbishing, #priming, #painting with the best #paint in the #world called #SIKKENS #PAINT, #OVEN #BAKING with a world-class oven and #BUFFERING. #Blue-chip #companies, #CEOs and top #managers give us all their worn-out vehicles for body work. You, too, can enjoy our world-class services. For details about GOF Autos Limited, click: http://www.tectono-business.com/2017/06/gof-autos-limited-best-automobile.html

 

Last week, the chances of a new stimulus package were close to zero as Trump’s illness, weaker jobs data and the announcements of tens of thousands of layoffs added serious concerns to the US administration. However, upbeat market performance today is driven by hopes of a package in the US before the elections. This is not yet priced into markets but if new convincing fiscal measures are announced this week, expect to see a further rally in risk assets and some pressure on the US dollar.

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