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Asian Stocks Up Over Potential Trump Discharge From Hospital on Monday

Investing.com
·2-min read

By Gina Lee

Investing.com – Asian stocks were up on Monday morning over the news that U.S. President Donald Trump could be released from hospital later in the day.

Trump and his wife Melania Trump became the latest high-profile COVID-19 patients after testing positive for the virus during the previous week, with Trump receiving treatment at the Walter Reed National Military Medical Center over the weekend.

Japan’s Nikkei 225 rose 1.33% by 11:20 PM ET (3:20 AM GMT) and South Korea’s KOSPI gained 1.31%

In Australia, the ASX 200 soared 2.42%. The Reserve Bank of Australia will meet on Tuesday, and it is widely expected that the central bank will keep interest rates and its three-year yield target unchanged at 0.25%.

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Hong Kong’s Hang Seng Index was up by 1.30%. However, experts warned that the city could face a fourth wave of COVID-19 cases “very soon”, which could be its most severe yet.

Chinese markets were closed for a holiday.

Although the medical team treating Trump sent out contradictory messages concerning his health throughout the weekend, the latest statement on Sunday said that he was recovering well and could be discharged as early as Monday, after Trump rode by supporters in a motorcade on Sunday.

The news “for now the market appears to be cheered by Trump’s overall treatment and recovery,” Commerzbank AG (OTC:CRZBY) strategists, including Charlie Lay, said in a note.

With less than a month to go until the Nov. 3 presidential election, Trump’s diagnosis brings unwanted uncertainty and volatility to his campaign to be re-elected. Democrat nominee Joe Biden, who has tested negative for the virus, has shot 14 percentage points ahead of Trump, according to the latest Wall Street Journal/ NBC News poll taken shortly after the two candidates’ debate on Tuesday. Vice presidential nominees Mike Pence and Kamala Harris are scheduled to take part in the vice-presidential debate on Wednesday.

From his hospital bed, Trump also tweeted his wish for the U.S. Congress to reach an agreement on the latest stimulus package. Although House of Representatives Speaker Nancy Pelosi was optimistic that a bipartisan stimulus bill could be passed, adding that Trump’s diagnosis “kind of changes the dynamic,” disagreements between the Democrats and Republicans remain.

On the central bank front, U.S. Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) chief economist Philip Lane will deliver keynote addresses during Tuesday’s NABE conference. The two banks are also scheduled to release the minutes from their September meetings later in the week.

Meanwhile, the number of COVID-19 cases globally has topped the 35 million-mark as of Oct.5, according to Johns Hopkins University data.

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