US President Donald Trump confirmed early Friday that he and his wife Melania have tested positive for the coronavirus.
“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!” Trump tweeted.
On Thursday, the US President tweeted that he and the first lady will enter quarantine as they are waiting for the results of the tests conducted for them after close aide Hope Hicks had tested positive.
“Hope Hicks, who has been working so hard without even taking a small break, has just tested positive for Covid-19.” Trump wrote on Twitter.
The impact of Trump Coronavirus diagnosis on the global economy?
The global shares and oil tumbled after Trump coronavirus diagnosis, but gold had extended gains on Friday.
Stock markets
Global markets and US stock futures were roiled by the news, according to CNN.
Dow futures were last down 370 points, or 1.3%, after falling more than 450 points just after Trump coronavirus announcement, while S&P 500 (SPX) futures were down 1.3% and Nasdaq (COMP) futures were down 1.6%.
Stocks in Asia Pacific also slid on the news. Japan's Nikkei 225 (N225) dropped 0.7%. Australia's S&P/ASX 200 fell 1.4%.
Other markets in the region, including those in Hong Kong, mainland China, and South Korea, are closed for public holidays.
European stocks opened lower, with the FTSE 100 (UKX) dropping 0.7% in London, with France's CAC 40 (CAC40) shed 1%, and Germany's DAX (DAX) declined 1.1%.
Oil
Oil futures were also affected by the news. Oil prices extended losses to about 3% on Friday, according to Reuters.
US crude futures fell 2.8% to $37.62 per barrel, while Brent, the world oil benchmark, lost 2.8% to hit $39.79 per barrel, both settled lower on Thursday.
Gold
On the other hand, Gold extended gains on Friday, heading to its best week in nearly two months as investors sought safe-haven assets after Trump's positive diagnosis, according to Reuters.
Spot gold was up 0.5% at $1,915.34 per ounce by 0645 GMT, reversing losses from early Asian trade, while U.S. gold futures rose 0.3% to $1,922.20, and the bullion has gained 2.9% so far in the week, heading for its biggest weekly percentage rise since the week ended August 7.
Furthermore, silver gained 0.7% to $24.07 per ounce and has risen more than 5% so far this week, while platinum eased 0.2% to $894.82, and palladium edged 0.1% lower to $2,311.95.
In a statement, Jeffrey Halley, a senior market analyst at OANDA, stated that the Trump coronavirus diagnosis has caused an immediate spike in gold prices as investors rush to safe positioning.
On the other hand, the dollar and yen rose on Friday following Trump’s positive test, according to Reuters.
The yen JPY= made its sharpest gain in more than a month to reach a one-week high of 104.95 per dollar, while the greenback rose as much as 0.7% on the risk-sensitive Australian dollar.
Moreover, losses in the euro (EUR) were more modest and it was last down 0.2% at $1.172. The yen pulled back to 105.16 per dollar, while the sterling advanced after Downing Street announced British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen would meet on Saturday to discuss the next steps in acrimonious Brexit talks. It was the last 0.2% higher at $1.2913.
The Aussie AUD=D3 recovered about half its losses by the end of the Asia session and was last down 0.2% at $0.7165. The New Zealand dollar NZD=D3 was down 0.1% at $0.6645. Both lost half a percent against the yen AUDJPY=NZDJPY= but lifted from session lows.
Follow the latest news on Google News
