(Bloomberg) — 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.Trump said that both he and First Lady Melania Trump have contracted the virus 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, 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.Meanwhile, hopes of further fiscal measures are fading. S&P 500 contracts weakened earlier after the House of Representatives passed a $2.2 trillion Democrat-only stimulus package that Republicans reject.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%.These are the main moves in markets:StocksFutures on the S&P 500 Index dropped 1.3% as of 8:04 a.m. London time.The Stoxx Europe 600 Index fell 1%.The MSCI Asia Pacific Index slipped 0.3%.The MSCI Emerging Market Index lost 0.1%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro slipped 0.1% to $1.1736.The British pound weakened 0.2% to $1.2866.The Japanese yen strengthened 0.4% to 105.14 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.66%.Germany’s 10-year yield dropped one basis point to -0.55%.CommoditiesWest Texas Intermediate crude decreased 2.7% to $37.66 a barrel.Brent crude declined 2.6% to $39.85 a barrel.Gold strengthened 0.5% to $1,914.87 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
