TOKYO – Stocks rose on Monday as signs that President Donald Trump’s health was improving eased some of the political uncertainty caused by his coronavirus infection, which sent investors rushing for safety last week.
Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday.
That helped U.S. S&P 500 e-mini futures EScv1 rise 0.62%, while Nasdaq futures NQc1 gained 0.89%.
STOCKS RISE AHEAD OF SEPTEMBER JOBS REPORT AND ONGOING STIMULUS TALKS
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.08%. Euro Stoxx 50 futures STXEc1 were up 0.82%, German DAX futures FDXc1 rose 0.72%, and FTSE futures FFIc1 gained by 0.91%.
Overhanging the relief rally, however, are continued uncertainty about his condition and some concerns that Trump’s case could be more severe than public disclosures suggest.
“Equities and other risk-on traders should be well-supported by easing concerns about Trump’s health,” said Junichi Ishikawa, senior currency strategist at IG Securities in Tokyo.
“For the dollar, the impact is not quite as clear cut. It should fall against most currencies due to an increase in risk appetite, but the yen is also weak, and that’s the one currency the dollar can rise against.”
Australian stocks .AXJO jumped 2.48% for the biggest daily gain since July 21. Japan’s Nikkei .N225 rose 1.19%. China’s financial markets are closed for a public holiday.
The dollar edged higher against the yen but fell slightly against the Swiss franc as traders jockeyed for position ahead of what could be a volatile day in global markets.
Treasury yields rose slightly on reduced demand for the safety of holding government debt.
MILLIONS OF AMERICANS