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President Donald Trump and first lady Melania Trump walk to board Air Force One to travel to the first presidential debate in Cleveland, on Sept. 29, 2020, in Andrews Air Force Base, Md.

Associated Press

U.S. and European equity futures fell sharply in a risk-averse Friday, with investors rattled by news that President Donald Trump has tested positive for coronavirus just a month ahead of the presidential election.

Dow Jones Industrial Average futures fell over 300 points, or 1%, with similar percentage drops for S&P 500 futures, while Nasdaq-100 futures were down 1.4%. Wall Street stocks wavered on Thursday, with the Dow Industrials closing barely positive and the S&P and Nasdaq Composite rising 0.5% and 1.45% higher, respectively.

The Stoxx Europe 600 fell 1%, with the German DAX dropping 1.3%. Several Asian markets were closed for holidays.

“Tonight, @FLOTUS and I tested positive for Covid-19. We will begin our quarantine and recovery process immediately,” Trump said on Twitter in the early hours of Friday. First lady Melania Trump said that she and the president were ”feeling good.”

Trump’s positive coronavirus test came hours after news that close senior aide Hope Hicks, who had been traveling with him this week, had contracted the virus. Trump’s age, 74, puts him in a potentially higher risk category for complications. The death toll in the U.S. stands at over 200,000.

The news comes just over a month ahead of the U.S. presidential election—Democratic rival Joe Biden has been holding a comfortable lead in the polls. Biden’s lead in betting markets rose after a chaotic debate with Trump earlier in the week.

“The reaction of equity futures was to fall by around 1% for the S&P500. Given that a Republican administration would have been superficially seen as more supportive than Democratic one, the

By David Randall

NEW YORK (Reuters) – Global equity markets rose and safe-haven assets including the dollar were mixed on Wednesday as investors weighed a rising number of COVID-19 cases and a chaotic U.S. presidential debate against better-than-expected U.S. private jobs data on the last day of a turbulent quarter.

Republican President Donald Trump and Democratic rival Joe Biden battled over Trump’s record on the coronavirus pandemic, healthcare and the economy in a bad-tempered first debate on Tuesday night marked by personal insults and Trump’s repeated interruptions of Biden.

“The only point worth mentioning is that the debate may have increased expectations for a contested election result,” said UBS chief economist Paul Donovan. “Given the importance of international investors to U.S. markets, this may add volatility around the election.”

MSCI’s gauge of stocks across the globe gained 0.43% following modest gains in Europe and mixed trading in Asia.

On Wall Street, the Dow Jones Industrial Average rose 329.04 points, or 1.2%, to 27,781.7, the S&P 500 gained 27.53 points, or 0.83%, to 3,363 and the Nasdaq Composite added 82.26 points, or 0.74%, to 11,167.51.

Better-than-expected gains in ADP’s survey of private payrolls helped push U.S. equities higher.

“The election is not the primary driver of markets right now – the level of economic reopening is,” said David Bahnsen, chief investment officer at the Bahnsen Group.

MSCI’s broadest index of world shares, which tracks nearly 50 countries, lost 3.4 in September, its first monthly loss since equities plummeted in March as much of the global economy was frozen in response to the pandemic. The index closed the quarter with a 7.7% gain.

Oil dropped approximately 10% for the month, while gold’s 4.1% drop was its worst month since late 2016.

As the Nov. 3 U.S. election draws closer, investors are increasingly

By Sagarika Jaisinghani

Sept 30 (Reuters)Turkey’s lira recovered from record lows on Wednesday as the government lowered a tax on foreign currency transactions, while emerging-market equities were set for their first monthly decline since the coronavirus-driven crash in March.

The lira TRY= was at 7.73 against the dollar after slumping to a low of 7.86 in the previous session amid fears Turkey would get dragged into a conflict between Armenia and Azerbaijan over the enclave of Nagorno-Karabakh.

Investors were also assessing a new economic programme laid out by Finance Minister Berat Albayrak on Tuesday that called for a 0.3% rise in output in 2020 despite the pandemic. Analysts doubted some of the forecasts were achievable.

“It is difficult to be confident about the attainability of the government’s end-2021 inflation forecast,” said Berna Bayazitoglu, a Credit Suisse analyst. Some of Albayrak’s responses “exacerbate local depositors’ and non-resident investors’ already-cautious views on the lira,” Bayazitoglu said.

An index of emerging-market currencies .MIEM00000CUS rose 0.1% but was on course to end September with its smallest monthly gains in four, as a strengthening dollar and surging coronavirus cases kept risk appetite subdued.

“The latter development, in particular, means that our year-end forecasts for EUR-PLN and EUR-HUF are subject to significant upside risk,” FX analysts at Commerzbank said.

The Polish zloty EURPLN= and the Hungarian forint EURHUF= were up against the euro on Wednesday but were set for monthly declines of more than 2% each.

Russia’s rouble RUB= rose 0.8% after slumping to a six-month low against the dollar in the previous session on growing geopolitical concerns as well as a surge in domestic COVID-19 infections.

The rouble could get support from state-run companies that have been told to revise their limit of net foreign exchange assets, which should encourage them to

By Chuck Mikolajczak

NEW YORK (Reuters) – The dollar retreated from a two-month high against a basket of currencies on Monday as equities rallied after four straight weeks of declines ahead of a busy week of economic data and political developments in the United States.

A rebound in U.S. stocks at the end of last week helped slow the climb of the dollar, considered a safe haven, but signs of a slowdown in the nascent recovery from the pandemic and political uncertainties have kept investors on the defensive.

Major indexes on Wall Street were up more than 1% as stocks rebounded following four straight weeks of declines, the longest such streak for the S&P 500 <.SPX> and Dow Industrials (.DJI> in over a year.

“The dollar as of several months ago has been trading in tandem with the equity markets, when equities goes up, the dollar goes down,” said Axel Merk, president of Merk Investments and portfolio manager of the Merk Hard Currency Fund in Palo Alto, California.

“The dollar has been acting like a funding currency, basically when the world is reflating, when risk assets go up, when equities go up, then the dollar is weakening.”

The dollar index slipped as low as 94.155 <=USD> on the day and last fell 0.317%, on pace for its biggest daily percentage drop in about three weeks. The greenback reached a two-month high of 94.745 last week and posted its biggest weekly rise since early April. Against the yen, the dollar was more subdued at 105.45 yen <JPY=>.

Dollar hovers near 2-month high: https://fingfx.thomsonreuters.com/gfx/mkt/yzdpxqkyevx/Pasted%20image%201601279387466.png

Sterling <GBP=> was last trading at $1.2849, up 0.89% on hopes Britain could secure a Brexit trade deal with the EU.

The euro <EUR=> gained 0.31% to $1.1666 after dropping to $1.16125 on Friday, its lowest in two

By Sagarika Jaisinghani

Sept 29 (Reuters)The Brazilian real and the Mexican peso outperformed Latin American currencies on Tuesday following a slump in the past two sessions, while regional equities tracked a slide on Wall Street ahead of the U.S. presidential debate later in the day.

The real BRBY was up 0.2% by 1524 GMT, with the dollar slipping from recent two-month highs as investors held off on making big bets ahead of the first debate between U.S. President Donald Trump and Democratic challenger Joe Biden. FRX/

Brazil’s real has fallen to record lows this year due to the economic fallout from the COVID-19 pandemic, although a string of recent data has raised hopes that Latin America’s largest economy could return to growth next year.

Investor sentiment has also been subdued by concerns around the government’s plans to fund a new minimum income program called Renda Cidada, which translates as “Citizen Income”.

“The market is still digesting the news of the Citizen Income financing and will be waiting for some explanation from the government” on how to reconcile this spending with an already tight budget, said Victor Beyruti, economist at Guide Investimentos.

The Mexican peso MXN= gained 0.3%, snapping a two-day losing streak, while the country’s stock index .MXX fell half a percent with financials and consumer staples stocks leading declines.

Samuel Bentley, a client portfolio manager at fund house Eastspring Investments, told the Reuters Global Markets Forum that broad weakness in emerging stocks had created value opportunities and that his fund was considering increasing exposure to Mexico, among other countries.

The Chilean peso CLP= eased 0.2% and was on course for its second straight monthly decline, while the Peruvian sol PEN= and Colombian peso COP= shed about 0.1% each.

A basket of Latin American equities .MILA00000PUS tumbled