US, UK stock futures slump after Trump tests positive for coronavirus

SINGAPORE (ICIS)–US, UK stock futures plunged on Friday after President Donald Trump tested positive of the novel coronavirus about a month before the US elections.

At 1:45 Singapore time (05:45 GMT), the US futures markets fell, with the Dow Jones Industrials down 1.85%; the S&P 500 down 1.77%; and the NASDAQ 100 was down 2.17%; while the UK’s FTSE 100 futures were down 1.29%.

In Asia, the reaction was more muted amid holidays in major markets in the northeast region, including China.

Japan’s benchmark Nikkei 225 index slipped 0.71%, erasing early gains; while Singapore’s Straits Times Index fell 1.03%.

Trump’s tweet that he and his wife, first lady Melania tested positive of the coronavirus, came out early Friday afternoon in Asia.

Trump tweeted: “Tonight, @FLOTUS [first lady of the US] and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”

Republican Trump is seeking a second term as US president in an election scheduled in early November. He is vying against Democrat candidate Joe Biden.

The US is the worst-hit country by the coronavirus pandemic, with total infections at above 7m and more than 200,000 deaths as of 1 October, data from the World Health Organisation (WHO) showed.

The global tally of infections stood at nearly 34m people, with the death toll at above 1m, according to WHO.

Visit the ICIS Coronavirus topic page for analysis of the impact on chemical markets and links to latest news.