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US stock market futures contracts fell sharply after President Donald Trump and his wife announced that a close consultant would go into quarantine due to the corona virus. After the tests were applied, it was revealed that the President of the United States, Donald Trump, and his wife Melania also contracted the corona virus. In his Twitter message, President Trump said: “Today @FLOTUS (First Lady) and my corona virus test were positive. We will start the quarantine and recovery process immediately. Together we will overcome this, ”he said.
Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through it TOGETHER!
– Donald J. Trump (@realDonaldTrump) October 2, 2020
In Asian markets, S & P500 futures fell 0.39% on the news, Nasdaq futures fell 0.4%, while US Treasuries remained virtually flat. After the test is positive, the result of futures trading on the S&P 500 and Dow Jones, US markets are expected to open with losses of more than 2 percent.
The MSCI index, following Asia-Pacific stocks outside of Japan, fell 0.15%. Australia’s S & P / ASX 200 Index fell 0.68% due to the impact of falling oil and copper prices in some sectors.
Japan’s Nikkei Index rose 0.15% today after yesterday’s delisted technical problem was removed on the Tokyo Stock Exchange.
THE OIL WAS DECREASED
With Trump’s coronavirus test positive, there were also fluctuations in oil prices. The price of West Texas type oil (WTI) fell 2.6 percent and the price of Brent oil fell 2.7 percent.
BAD SCENARIO 1.5 PERCENT REDUCTION
According to the NEP announced by Minister Albayrak, the government predicts that the economy recovering from the coronavirus epidemic will complete this year with a growth of 0.3% and then recover rapidly; In the “pessimistic scenario” due to the epidemic, he estimates that the economy could contract 1.5% this year.
At the YEP publicity meeting, the Minister of Finance and Finance, Berat Albayrak, pointed out that the corona virus epidemic was reflected as a deterioration in the current account balance due to the depreciation of TL, the cessation of inflation and the sharp drop in tourism revenue, and said normalization steps will continue.
4 IMPORTANT STEPS FROM THE CENTER
Following the surprise rise in interest rates from the Central Bank (CBRT), the BRSA swap restrictions and measures to make the asset ratio more flexible, the withholding of taxes on deposits was reduced until the end of the year. Additionally, the bank and insurance transaction tax (BITT) on gold and foreign exchange transactions was reduced from 1% to 2 per thousand.
TL in Turkey for increasingly attractive to foreign investors, domestic investors in the market in terms of the market were expected to make these steps more reliable.
HIGHLIGHTS OF THE US ECONOMIC RECORD
The US economy recorded the steepest contraction in at least 73 years in the second quarter due to disruptions caused by the corona virus.
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