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(Bloomberg) -- Investors are warning against higher volatility and a potentially deeper selloff in risk assets after the news of President Donald Trump and the First Lady testing positive for Covid-19 shattered the calm in global markets Friday.U.S. equity futures slumped as much as 2% and Asian stocks also declined following the announcement. The dollar and the yen climbed as the news stoked risk aversion. VIX October futures jumped almost 12%.“Markets hate uncertainty and this ticks all those boxes,” said Jeffrey Halley, senior market analyst for Asia Pacific with Oanda Corp. “Not because of the President alone, but because this potentially means it has spread to the upper-level echelons of the government in the U.S.”This is what other investors are saying:10% Correction“This will induce nervousness in the markets and we could see a 10% correction in U.S. equities that will likely drag down Asian equities for the balance of the year,”...
(Bloomberg) -- Tesla Inc.’s factory near Berlin faces no major hurdles before getting the final green light to start producing electric cars next year, according to the premier of the state where it’s being built.Public hearings into the plant east of Berlin in the state of Brandenburg were set to continue on Friday, dragging the process on for two weeks instead of two days. Environmental activists and local residents have grilled authorities on hundreds of issues from deforestation and water usage to increased truck traffic and noise pollution.Despite the drawn-out process, Brandenburg Premier Dietmar Woidke isn’t concerned and expects the project to progress as planned.“As of now, I know of no problem that would stand in the way of the construction permit,” Woidke told Bloomberg News at the state government’s headquarters in Potsdam. “My assumption is that a legally sound permission is possible here.”The plant, Tesla’s first in Europe, is slated...
(Bloomberg) -- U.S. and European equity futures fell with Asian stocks and the dollar climbed after President Donald Trump said he had tested positive for the coronavirus.Trump said that both he and the First Lady Melania Trump tested positive and that they will now quarantine themselves. They were tested after Hope Hicks, one of his closest aides, returned a positive result for Covid-19. The yen and Treasuries, often seen as havens in times of market stress, rose. Nasdaq 100 futures were about 2% lower and crude oil extended losses. Contracts on the Cboe Volatility Index surged about 10%.“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.”S&P 500 contracts had seen mild weakness earlier after the House of Representatives passed a $2.2 trillion Democrat-only fiscal stimulus package...
(Bloomberg) -- Oil was caught up in a broad downward move in financial markets after President Donald Trump said he had tested positive for the Covid-19 virus.Futures in New York fell toward $37 a barrel Friday after slumping 3.7% on Thursday. The U.S. president announced that he and First Lady Melania Trump had tested positive for Covid-19, shortly after one of his closest aides, Hope Hicks, had fallen ill with the coronavirus. Asian stocks fell, as did European and U.S. equity futures, while the dollar swung wildly.Trump’s positive result will likely sharpen already intense public attention on his handling of the pandemic as he campaigns for re-election against Democrat Joe Biden, who leads in national polls. Oil was already lower before the announcement as the chance of any more U.S. fiscal stimulus before the November election appeared to be fading after talks yielded no immediate breakthrough.“Trump and the coronavirus news, along...
Shares of Twilio soared 9.8% in Thursday's extended trading session after the company said revenues for the quarter ended September 30, 2020 (third-quarter) will be higher than its previously announced guidance.In an SEC filing, Twilio (TWLO) said “that it preliminarily expects that total revenue for the quarter ended September 30, 2020 will be ahead of the Company’s previously issued guidance of $401 million to $406 million.” Wall Street analysts are projecting 3Q revenues of $403.7 million, reflecting year-over-year growth of 37.1%.The cloud service platform provider is benefiting from accelerated digital transformation in the wake of the COVID-19 pandemic-induced work-from-home trend. On August 4, Twilio reported 2Q revenues of $400.8 million, which increased 46% year-over-year. The company’s adjusted EPS jumped three-fold to $0.09 year-on-year. (See TWLO stock analysis on TipRanks)On Oct. 1, Oppenheimer analyst Ittai Kidron reiterated a Buy rating and a price target of $300 (16.7% upside potential) on the stock, after attending...
After Trump tests positive for COVID-19, Dow futures fall as investors worry. The president testing positive led stocks to fall in pre-market trading....
(Bloomberg) -- U.S. and European equity futures fell with Asian stocks and the dollar climbed after President Donald Trump said he had tested positive for the coronavirus.Trump said that both he and the First Lady Melania Trump tested positive and that they will now quarantine themselves. They were tested after Hope Hicks, one of his closest aides, returned a positive result for Covid-19. The yen and Treasuries, often seen as havens in times of market stress, rose. Nasdaq futures were 2% lower and crude oil extended losses.Trump’s physician said the president and Melanie Trump will remain at the White House and that the medical unit would “maintain a vigilant watch.”S&P 500 contracts had seen mild weakness earlier after the House of Representatives passed a $2.2 trillion Democrat-only fiscal stimulus package that Republicans reject. Next up comes the monthly U.S. payrolls data later FridayIn Japan, stocks erased initial gains and were down...
