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President Trump positive for nCoV and the entail consequences on Presidential Election and financial market

15:47 | 02/10/2020

President Donald Trump and the First Lady Melania Trump confirmed positive for Covid-19 on October 2, putting strains on the 2020 Presidential Election, pulling the US stock futures down more than 1 percent early Friday.

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president trump positive for ncov and the entail consequences on presidential election and financial market
President Trump and Melania (Photo: The White House)

President Trump and Melania’s Covid-19 contraction

President Trump announced early Friday that both he and the First Lady Melania Trump tested positive for COVID-19 early and will quarantine at the White House.

Tonight, @FLOTUS and I tested positive for COVID-19,” the president tweeted. “We will begin our quarantine and recovery process immediately.we will all get through this TOGETHER."

Melania Trump also tweeted, "As too many Americans have done this year, @POTUS & I are quarantining at home after testing positive for COVID-19. We are feeling good & I have postponed all upcoming engagements. Please be sure you are staying safe & we will all get through this together."

A White House source told Fox News shortly after the president’s tweet that he and the first lady are “fine” and are in the quarantine process at the White House, as reported by Fox News.

Dr. Sean P. Conley, the president’s physician, also confirmed Trump and the first lady’s positive COVID-19 tests.

This evening I received confirmation that both President Trump and First Lady Melania Trump have tested positive for the SARS-coV-2- virus,” Conley said. “The President and First Lady are both well at this time, and they plan to remain at home within the White House during their convalescence.”

He added: “Rest assured I expected the President to continue carrying out his duties without disruption while recovering, and I will keep you updated on any future developments.”

It is unclear when the vice president and second lady were last tested for COVID-19.

The president and first lady’s positive coronavirus tests came just hours after news surfaced that senior White House adviser Hope Hicks tested positive for COVID-19.

The White House medical team and I will maintain a vigilant watch, and I appreciate the support provided by some of our country’s greatest medical professionals and institutions,” he continued.

president trump positive for ncov and the entail consequences on presidential election and financial market
President Trump tweeted

The President and First lady will be placed under vigilant watch

In a memo released early Friday morning, Trump’s physician said that the president and first lady plan to remain at the White House “during their convalescence” and that the medical unit would “maintain a vigilant watch.”

Rest assured I expect the president to continue carrying out his duties without disruption while recovering, and I will keep you updated on any future developments,” White House physician Scott Conley said.

Judd Deere, a White House spokesman, said contact tracing for Trump and Melania Trump was being carried out and “the appropriate notifications and recommendations will be made.” Contact tracing for Hicks, he added, was already complete.

In a tweet, the first lady said that she and her husband “are feeling good & I have postponed all upcoming engagements. Please be sure you are staying safe & we will all get through this together.”

It wasn’t immediately clear how Trump contracted the virus, which has killed more than 200,000 Americans. But Hicks tested positive after flying with aboard Air Force One to the presidential debate in Cleveland on Tuesday and to a campaign rally in Minnesota on Wednesday.

Several other members of Trump’s circle tested positive for the virus earlier this year -- including National Security Advisor Robert O’Brien.

His aides had worried that Trump’s lack of sleep during the final stretch of the presidential campaign could leave him especially vulnerable to infection. The president did not return to the White House until after midnight following his Tuesday and Wednesday trips. His age also puts him at greater risk for serious illness from the virus, Bloomberg wrote.

president trump positive for ncov and the entail consequences on presidential election and financial market
The president rarely wears a mask (Photo: The Australian)

Trump, 74, is at high risk for the deadly virus both because of his age and because he is considered overweight. He has remained in good health during his time in office but is not known to exercise regularly or to follow a healthy diet.

Trump played down the virus in its early stages and has repeatedly predicted it would go away.

The president rarely wears a mask and has ridiculed others, including Democratic presidential nominee Joe Biden, for doing so regularly. Health professionals say that face coverings are key to preventing the spread of the virus, according to Reuters.

The development alters the presidential race dramatically.

Bloomberg reported that Trump’s announcement comes with barely one month left until the U.S. presidential election -- a contest against Democrat Joe Biden that has focused heavily on Trump’s handling of the coronavirus, which Biden and others have criticized as slow off the mark and ineffective.

Trump’s announcement comes with barely one month left until the U.S. presidential election -- a contest against Democrat Joe Biden that has focused heavily on Trump’s handling of the coronavirus, which Biden and others have criticized as slow off the mark and ineffective.

In addition, the announcement could scramble plans for a confirmation hearing and vote on Trump’s Supreme Court nominee, Amy Coney Barrett, though as of early Friday there had been no change in the schedule that would start hearings the week of Oct. 12. Also, it wasn’t clear what effect the development could have on negotiations over an economic stimulus package to counter the fallout from the virus, as House Democrats and the White House remained far apart.

president trump positive for ncov and the entail consequences on presidential election and financial market
Donald Trump and Joe Biden trade insults in first US presidential debate. (Photo: ABC)

Stock drops, bonds gain following the news

European stocks fell with U.S. futures on Friday, while the dollar edged higher as markets took a risk-off turn after President Donald Trump said he had tested positive for the coronavirus, as reported by Bloomberg.

The yen, gold and Treasuries, often seen as havens in times of market stress, all rose along with bonds in Europe. Crude oil extended losses.

“This is a big shock -- these are completely exogenous events,” David Page, head of macroeconomics at AXA Investment Managers, said on Bloomberg TV. “It’s quite natural to see a bit of risk off.”

The news adds to gloomy developments around the virus as big cities once again turn into hotspots. New York reported the most new cases since May, while London is said to be at a “tipping point” with infections continuing to rise. Monthly U.S. payrolls data later Friday will offer further clues on the enduring economic toll. Thousands of job cuts this week showed how firms are still wrestling with readjustments needed to survive.

president trump positive for ncov and the entail consequences on presidential election and financial market
(Photo: Bloomberg)

The news adds to gloomy developments around the virus as big cities once again turn into hotspots. New York reported the most new cases since May, while London is said to be at a “tipping point” with infections continuing to rise. Monthly U.S. payrolls data later Friday will offer further clues on the enduring economic toll. Thousands of job cuts this week showed how firms are still wrestling with readjustments needed to survive.

Elsewhere, Japanese stocks were down about 1% after trading on the Tokyo Stock Exchange resumed following Thursday’s outage. Markets in China, Hong Kong, Taiwan, India and South Korea are shut for holidays. Copper extended Thursday’s slide, when it lost more than 4%.

How the world react to the news?

president trump positive for ncov and the entail consequences on presidential election and financial market
Vice President Mike Pence early Friday tweeted, offering prayers for the president and first lady.

VICE PRESIDENT MIKE PENCE TWEETED

"Karen and I send our love and prayers to our dear friends President @realDonaldTrump and @FLOTUS Melania Trump. We join millions across America praying for their full and swift recovery. God bless you President Trump & our wonderful First Lady Melania."

FRANCE'S GOVERNMENT SPOKESMAN GABRIEL ATTAL

“This demonstrates that the virus spares no one, including those who have shown skepticism. I wish him a swift recovery.”

TAIWAN PRESIDENTIAL OFFICE SPOKESMAN'S STATEMENT

"President Tsai, upon receiving the news, sent her best wishes to the US government via diplomatic channels, hoping that President Trump and his wife can recover at an early date under the professional care of the medical team.”

SHANE OLIVER, HEAD OF INVESTMENT STRATEGY, AMP CAPITAL, SYDNEY

“There might be a sympathy vote for Trump if he gets the coronavirus.

“The market’s already a little bit on edge because of the upcoming election and the failure of talks to result in a new fiscal stimulus.

“You can imagine all sorts of scenarios here. If he tests positive and then just shows mild symptoms, it will be over in a few days. If he gets ill and has to go to hospital, the market will be a lot more concerned. Obviously, to the extent campaigning comes to a halt, it might increase fears that he might lose the election.

"Generally speaking, the market prefers the incumbent to win and the general preference has been for Trump to win because he will mean lower taxes and less regulation than a Biden presidency.

SHANE OLIVER, HEAD OF INVESTMENT STRATEGY, AMP CAPITAL, SYDNEY

“There might be a sympathy vote for Trump if he gets the coronavirus.

“The market’s already a little bit on edge because of the upcoming election and the failure of talks to result in a new fiscal stimulus.

“You can imagine all sorts of scenarios here. If he tests positive and then just shows mild symptoms, it will be over in a few days. If he gets ill and has to go to hospital, the market will be a lot more concerned. Obviously, to the extent campaigning comes to a halt, it might increase fears that he might lose the election.

"Generally speaking, the market prefers the incumbent to win and the general preference has been for Trump to win because he will mean lower taxes and less regulation than a Biden presidency.

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