U. S. Futures. We saw you choose drop immediately. Down 0. 9 . You can see the stock drop as concerns mount about the president and the first lady having covid19. This comes after a top aide that had traveled with him to cleveland and minnesota, hope picks. Hicks. She contracted covid19. The president and the first lady tested positive. You are seeing immediate Market Reaction. Joining me is the head of Investment Strategy. A lot to digest. We just learned this news. The president contracting covid19 to be this comes 32 days ahead of the election. It goes without saying we wish the president and his family and anyone that comes in the path of the virus well wishes. Howdy prepare for the risk of this event . Frameworke to have a of how things will work out over the next 612 months. , depending onerm, how far markets have come from since march. Fostering a trade war. All of that can potentially impact markets in the shortterm. Mediumterm, 612 months, we do think equities are going to be at a higher level than they are now. We urge our clients not to get caught up in the short term to look at things a little more longterm. Does it mean for the u. S. Election . For the u. S. Election, it is on hold at the moment. We remind our clients the u. S. Elections can be and enforce and packed her. What is more important, markets over the mediumterm, not who holds the presidency or how congress is made up. And there fed policies business cycle. These are two factors that drive the market and are a lot more important than day to day politics. The shortterm term. Mediumterm, we expect the economy, equities to be at a higher level. Expect that volatility. This is the health of the president of the United States. Volatility to surge based off that news. Year,il the end of the through the election, depending on the results of the election, it is possible to have volatility. Taking advantage of pullbacks. We have been underweight equities since march. Riskefer to allocate our to fixed income. We were more comfortable with the risk. With the pullback and equities, we are telling our clients to take advantage of some of these opportunities and build the equity position. Normalizing. S we are in an environment of low Interest Rates. There is a reluctance to withdraw fiscal stimulus in most parts of the world. Evaluations in the u. S. Are slightly expensive. Be justified can by how low Interest Rates are. We feel more comfortable with the risk. Specifically as rates are going up. There seems to have in some progress and how to deal with the virus come how to manage the virus. Taking precautionary measures. Medical treatment. Feel moree comfortable with the risk in the market. Up inld not be to cut daytoday movements of markets. In daytoday movements. I want to update viewers. The president of the u. S. And the first lady have just tested positive for the coronavirus. You can see markets alongside me, a massive amount lower. S p futures down 1. 5 . This is a huge risk to the markets. One that was not priced in. It was going to be a volatile session. Many say it is a contested election. At the health of the president of the u. S. Ask. E to u. S. Jobs report, there are some anything to digest. Is this the only thing that really matters . Isthe health of the economy really important. Believe over the next few months, Economic Growth is perhaps going to disappoint. It might sputter. It is likely to underwhelm. Given the environments we have come a Interest Rates, fiscal stimulus, we do think the drivers are there for modest growth over the next year. We dont think we are going to scenariohe doubledip because of these factors. Growthwill be ready for to be less strong and it was since the reopening, the rebound. Be ready for disappointing growth. We expect growth. Keep in mind, despite covert up, more rates going social distancing measures being put in place, and economic restrictions, the economy keeps on growing. There has been some growth. Most Economic Indicators in the western world continue to point upward. Not expanding anymore month over month. The suggestion Economic Growth is slowing. Growth. Still covid is with us. It is everywhere. We are going to see an increase. Precautionaryke measures. We have some rains coming from d. C. President trumps position says trump and milani are well pretty he does confirm the president of the United States does have covid19. You can see the Market Reaction. Futures, industrial the nasdaq, all down 1. 5 . I want to dig deeper into what we are seeing in the markets. Juliette saly joins us from singapore. Good morning. Watching what we are is this down tick and japanese equity markets. They are the only one relevant and asia and trading with australian and new zealand markets shut. A big tick and the nikkei. It was pretty flat earlier. We had japan out of action. We have been seeing a little bit of fluctuation in the japanese equity market. You are seeing a big tick down. This as we see money going into these safe havens. The yen rising quite significantly. Obviously, a bellwether for what we see in these uncertain times. The aussie down zero point 8 against the japanese yen. A flight to safety. Pressureher downward coming through an equity markets. Closedian markets are for a number of public holidays. China and hong kong out of action. We are seeing that down tick in u. S. Futures and japanese equity markets. About 4050 minutes of trade to go. Juliette saly with the market impact. Thank you so much. We are seeing futures continue to slide this morning. The s p 500 down alongside the dow jones and nasdaq. Lets recap some of the news we have. The president of the United States and first lady have fored positive positive covid19. We wish anyone facing this virus health and safety, especially in the white house. The physician for the president has said he will maintain vigilant watch on the president. He says President Trump and milani are well. Still with us, the head of Investment Strategy. See the immediate market impact. S it seem like india anything else really matters . We did not get a fiscal deal. Does this shift how you think about the u. S. Election and where one may want to put money in terms of a portfolio . It doesnt. Our Investment Strategy is based on where we think the economy is going to be over the next six months to 12 months. It is not based on day to day trading. We have seen a pullback in september. That is a Good Opportunity to build certain acquisitions and equities. Prospects are better. Than theymore managed were in march. The situation is very unfortunate. There was a structure behind the president. The economy continues. Companies continue to generate earnings, despite what might be happening in the white house. What is happening in the white house impact financial markets. Take a see futures massive leg lower. Nasdaq futures, 0. 4 percent. Today was supposed to be about the jobs report. It is the last jobs report before the u. S. Election. It is an important one. We saw tens of thousands of job losses from massive global corporations. It is this supposed to be about the impact on capital. Certainlywill most donate not just the news cycle but the markets. If you are just waking up, we have learned the president of the u. S. , and his wife, have contracted covid19. They were exposed to hope hicks. She traveled with the president and his family to cleveland. She went to minnesota for a rally. Ons quickly get your take the jobs number. 1 30 p. M. London time. What are you expecting . Job numbers we have already seen recently, the number of new jobs which are being generated is something to slow down. Since thee sign rebound, we have had some growth and that is threatening to taper off. Expect to roll out more subdued growth going forward. Frederick she stays with us this morning. Marketrger joins us for reaction. A clear reaction and markets, as soon the headlines hit. S p 500 sharply turned it down, now more than 1. 3 across the board. Nasdaq futures, heavier losses. Really just because of the higher beta sector. And first lady tested positive. The physician has confirmed this. Tested positive. The latest is both of them are well at this moment. That is one of the keys. How this involves evolves is going to be important. Andy bremmer said should they and they end up ok, trump is able to send tweets. The market might not actually have much of a reaction. Gut punchat initial reaction and that is what we are seeing. Futures heading lower than 1 . Madeose comments were months ago. Now this takes on a new importance given we are 32 days away from november 3. Joining us is kathleen hunter. Take us through what it would be like in the white house, between the west wing, the executive residence. What did they prepare for . There has been a sense this could happen for months. We know they do have a plan in place for that. We know from the president s position he and the first lady plan to stayathome during their convalescence and essentially do what Many Americans have done, selfisolate and weight to get better. Trump has canceled Campaign Events. I would expect that to continue. There is not going to be a lot of movement between the residence. I would expect the president and first lady to stay in the residence. They have not given out that level of detail. Thehat about leading country . What happens next . Give a lot of responsibilities to Vice President pence . Statement stage, the from the physician is saying the president intends to keep up his president ial duties, doing them from the white house. It is important to remember and march and april, the president did not leave the white house complex that much. There is some precedent for him carrying out his duties from there. There is no sense of any official transfer of power. When it comes to campaigning, he is going to have to rely more on surrogates. Mike pence at least for the next couple of weeks. 6 15 am in the city of london. Equity futures taking a step lower. Newseen, we have this President Trump and his wife both test positive for covid19. Are 32 days away from the selection. What does this mean for the election . It is unprecedented waters. It was going to be unprecedented in the sense the u. S. Is in the midst of a global pandemic. Now to have that president test positive a month before the think, raises some additional concerns about his response to the virus. His rally in tosa was described as potentially a super spreader event. The president has been subjected to a lot of criticism he has not taken the virus seriously enough. I think that adds to this criticism. It adds to the uncertainty. The idea there could be a threat to his health just creates even more it is shaping up to be a messy friday. Could this move voters . Many say pretty much everyone, every american has made up their minds. Where do you see people starting to vote . Could this change peoples minds about who they vote for november 3 . This election is distinct and that large numbers of americans have voted. More than one million americans had already returned their ballots. That is a much higher number than in the past. Those votes are not going to be affected. The number of undecided voters is very low. There is not a whole lot that could happen that could change peoples minds. This is a largescale event. Issuengs attention to an that has been a liability. That is handling the coronavirus. Isis important to note there not a lot that can change peoples minds. This could move the needle. Away from theays president ial election november 3. Thank you so much. As will be staying with us we have more updates coming from bc. And the city of london. Donald trump and Melania Trump have tested positive for covid19. They have said that as well as their physician. Virush anyone facing this safety and health. Thankg us this morning, you so much for sticking around. What a friday morning it is. You can see the Immediate Impact in the markets. Big leg lower. A the dollar index getting higher. Immediately the Market Reaction. Have any Lasting Impact . What kind of assets in this type of situation would you want to hold . Term, safe haven assets are likely to do well. We would urge our clients not to react too much today today headlines. More medium and longterm view. One important factor at the dragt for the u. S. Is the that is occurring. Fiscale dont have a new package, the federal government is spending 200 billion less per month than in april. States spending less. Most states operate in a balanced budget basis. Because revenues are lower than they are expected to be by 21 safer. There are real headwinds. More than 60 of them expect some fiscal patches. They believe that is required for the recovery to continue. Without the president , that is an issue. Hime is a structure behind when negotiations can continue. You brought up the fiscal stimulus deal. A lot of americans are struggling. Those extra benefits dried up in july. We have seen a number of airlines having to furlough employees. This event with President Trump contracting covid19, does this give a boost to republicans to want to maybe strike a deal . It is very difficult to say. Thank you so much. Some of the news we have out of the u. S. President trump and his wife Melania Trump have contracted covid19. Impact, Dow Jones Futures down 1. 7 . Nasdaq futures as well. Immediate market impact. Looking at this is dani burger. We are looking at equities. Also some of the nettles. Metals. Havens popping up. It is the headlines, everyone looking at the market watchers. Trump says he and Melania Trump for both tested positive covid19. We do know the position of President Trump the physician of President Trump has confirmed they have contracted coronavirus. The president since both of them are doing well. Presumably, they are in the white house continuing their quarantine. According to people familiar, that first the aide tested positive was experiencing symptoms. No word on whether President Trump and the first lady are permitted latest, the white house saying both of them are doing well and they are currently in the white house. Claxton dani burger, thank you. We are going to dig deeper into the market impact. Juliette saly joins us from singapore. Brent trading under 40 per barrel. Both contracts down 2 . 1900 it is back above announced. The market looking for havens. You can see that with elected in the yen as well. A big tick up in the japanese. En not only the aussie against the yen. I wrote a morning note about what is happening in asian trade. We have a number of asian markets out of action. Japan turning negative after resuming trade. It was pretty subdued earlier. Now we have volumes, about 40 more than the average 30 day moving average. The topics down 1. 2 . Accelerating those losses. 25 minutes ago. Also looking at the latter part of the session in australia. Mentioning what is happening in oil. Accelerated,as down 1. 4 percent. Futures taking lower. Safe havens going higher. This is quite an interesting move. So many out of action today. In terms normal friday of asia trading. Thank you so much for that. Joining us now is david page. Morning, we see immediate Market Reaction. What is your take to this news . A big shock. Ad no expectation broader question that comes in. It is quite natural to see a bit of risk off. Given all that is happening, it is something that should pass. Not necessarily affect the election. Certainly risk off. Nasdaq futures extended down more than 2 . We are 32 days away from the u. S. Election. This has to have some impact. Will have an impact, on campaigning. President trump active in personal campaigning. Joe biden has done virtual. Clearly, that affects you. Not, we can go through the e spectrum of possibilities. This couldrisk incapacitate him. You start thinking about who may have to take over. There are risks that come through. That is why markets are trading with a degree of uncertainty. Even if this turns out to be something that is the worst thing of the spectrum, it should only interrupt campaigning for a couple of weeks. There is a more worst Case Scenario than that. Cautiousre going to be over the next few weeks. Certainly cautious. Likely going to expect more volatility. You are invited in, we were going to talk about the jobs report. Reporthe last jobs before the election. Does anything matter today . We are going to get lots of different headlines. I think it is very likely more normal markets, the jobs report, gets locked in for the next couple of days. Get losta real risk we in this story. You almost have to suggest the risks are being normalized over the next couple of weeks. On theack to the workout basis of what we are at at the moment. To the prospect of stimulus. How does the public react . We saw something of that effect when the u. K. Prime minister contracted coronavirus. There are a lot of different factors. When you get breaking news like this, you dont have certainty of what is going to happen, the uncertainty comes through. We saw the initial Market Reaction when Boris Johnson contracted covid19 and then things started to normalize. Is so close, we are about a month away. Bring fresh skepticism, worries to the u. S. Election. As well as the fact we are supposed to have president ial debates. If you are waking up this morning, where are you going to hide . How bad yous on think it is going to be. There is a tactical shift coming through. Been, ifent has always biden, it comes with a low interest swing. Given the democratic manifesto is one to increase taxation on the corporate sector. We have always been concerned about negative equity markets. Is markets start to preempt that. I think the president will not be able to compete as aggressively and some campaigns. As much in the head to head and that could affect pulling. That might make it somewhat more likely biden gets in. There is a risk, to see a negative Market Reaction. Before we let you go, i do want to get your take on the jobs report. The Market Survey for bloomberg, 870 5000. The whisper number is more than one million. What do you think we are going to see . We are penciling in 1. 2 million. Very volatile. I think we saw a softening in part reflecting the impacts of restrictions from coronavirus. To hospitality. There is a likelihood in september to see some of that come back. We are penciling in 1. 2 million. We are close to watching unemployment. Outhat number needs to come to help either trump or biden. There is not a magic number. Element,an particularly with President Trump, associating his performance as president with the economy. He is going to like to see strong employment rate it will from thee unemployment coronavirus has been a big problem. The stronger the figure we get, the better that is going to be over the next four weeks. Magict think theres a figure. The stronger, the better. David page. Thank you so much for joining us this morning. If you are just waking up, we are about 30 minutes past 6 00 a. M. Breaking news this friday morning. President donald trump and his wife Melania Trump have both tested positive for covid19. Of his closestne aides hope hicks tested positive. She traveled to cleveland for the president ial debate. Trump taking to twitter, saying, lotus and i f tested positive for covid19. The president of the u. S. Announcing he has contracted covid19. You can see what is happening in the markets. Risk off. S p futures down. Further,tures sliding down more than 2 this morning. Joining us is kathleen hunter. Thank you for sticking with us. What happens now . Guide our viewers through what happens now that the president has contracted covid19. How does the white house function . Unprecedented situation. It is something the white house has prepared for for several months. There is a plan in place. We dont know some of the details. I would imagine staff has been in contact with him. Hicks hasviously hope been quarantining. A number of his senior staff traveled with him. I imagine it is going to be like what Many Americans have faced. Once someone in the workplace tots positive, everyone has selfisolate until it is clear who came into contact with whom. I think some of the protocols remain basically the same. Grander scale because it is the president. We do wish the First Family Health and safety. Somehe start to share responsibilities . Do you think we will see him delegate from the executive residence . That is not trumps style. We did hear from his physician, he indicated trump would continue to execute his duties but just from the executive residence. I would expect trump would be loath to give up powers. To buy hiss required health conditions. At this stage, i would expect him to continue functioning as he did in march and april. 32 days away from the u. S. Election. What does this mean . Alln political terms, we quickly do have to look at what this could mean for the election and politics given the proximity to election day, the reality is it brings some fresh attention to an issue, trump handling the coronavirus, that has already been a liability. Because perhaps some americans to question whether the president has been diligent enough. An indoor rally in las vegas. Peoplely in tulsa where did not socially distance was later found to have been potentially a super spreader type event. There has been the criticism the president has not taken the virus seriously. This will bring fresh attention to those criticisms. Certainly well. Kathleen hunter, thank you so much. Serious Market Reaction following this news. Nasdaq futures extending down more than 2 . Treasury yields tumbling. Dani burger digging into it. Definitely equities is where we see most of the pain. Some of the other markets, not reacting as much. As we try to get a grip on the picture, you mentioned trumps tweet. Melania trump tweeting, 10 minutes ago, as too Many Americans have, we are quarantining at home after testing positive. We are feeling good. I have postponed all upcoming engagements. Please be sure you are staying safe and we will get through this together. Sentiment. Mps other news, we are learning the physician of the trump family confirming both have tested positive for coronavirus. Physician says both are doing well. I want to give you instant reaction. Who havehe strategists been missing jean me. Democratic sweep is his call. Rumors have been kicking around but now that the cat is out of the bag, he expects pulling pricings markets to 60 of a biden win to 90 . With trump all but toast. A bold call to make when we dont know if we are getting more details coming out. The question is, how are markets reacting . Are they reacting with just a gut punch that proceedings are going to be difficult . Shift in the polls . It might be too early to tell. We are getting those thoughts coming out from strategists. We are. Many people thinking, what does this mean for the u. S. Election . Saying, a blue sweep. Very good morning to you. Danny gave us the market breakdown. We wish the white house and first family, anyone who comes into contact, health and safety. On top of investors minds, what does this mean for the u. S. Election question mark what is your first take . My first take is i would never change who i was voting for on the basis of i got ill. They got ill. Ahead as had mr. Biden it was. I dont think that is going to change. Be theger question will uncertainty around what happens next. We all wish the president well. You get sick, it is a different story in terms of campaigning and managing the process. If he is symptomfree, quarantining for two weeks like everyone else has had to do, then he can probably manage his campaign and the whole thing, we will get a kneejerk reaction and life will go on. Is going to be hard to tell in terms of that. It is going to be making people more nervous. Markets have a conventional reaction. , iterms of the politics think it is going to depend very much how it affects his campaign. Thats going to depend on his health. The biggest risk for the markets has been a contested election. Does this muddy the waters even more . Yes. Again, if the president is able to conduct his campaign effectively from the white house because he is feeling well, he doesnt necessarily muddy it dramatically. It will clearly have an effect. The timeline is very short. Issue. Comes an otherwise, it becomes more difficult. I would not be surprised if people focus both candidates start to focus on their deputies. The Vice President becomes an important player when you have two quite elderly candidates in this kind of environment. I think it changes the tone. I would be amazed once i can see what is happening in the auctions market. The market will be placing pricing greater uncertainty as a moreion until we get clarity about the implications of this in practical terms. Does the Vice President ial debate taking place next week take on more importance . Get a debatet involving the two candidates. I think it does. To facees face campaigning very difficult. If the Vice President can still get out and debate and get on the road, we will have more of a focus on them both. Particularly in the republican side. What about the fiscal negotiations in bc . We saw an impasse yesterday. The democrats voted for their 2. 2 trillion fiscal package. Does this complicate those matters even further . It probably hardens positions. It is hard to see the republican side softening up. Positive, and i had a position that i thought was right and someone was going to try to get us closer, i would probably be less inclined to negotiate. That is the human response. The gap does not seem enormous but they seem unable to get across it at the moment. Investors have been through this before with Boris Johnson early in. What have we learned from that . Assented is different. Clearly what happened, we had a certain amount of leadership vacuum well he was low. We had gloat growing concern. It was not good for the economy or assess. It was not good for the brexit or forgetting the policy response to covid up and running properly. There was a certain amount of lack of leadership. You think you have these big governments and ministers all over the place. Lots of structure. Planning for an eventuality such as this. Suddenly, you realize, the leader really is the leader. It is a little different in the sort ofause most of the policies are in place. What this is all about now is the election campaign. Affect the day to day running of the u. S. Economy at all really. On the u. S. Economy, we have the payrolls number. The last report ahead of the selection. Does this news render that report meaningless . It is going to be hard for the market to really focus. The problem we have had with a lot of the data is trying to make any really intelligent read out of it. Got a surprisingly strong payroll number, that would have a market impact. Yes, the u. S. Economy is healing, that is a good thing. It negates some of the attack she could have on the president. I think the next thing we are waiting for medical bulletins. I am afraid. Thank you so much for joining us. 6 40 five in the city of london. Breaking news out of washington dc. Donald trump and Melania Trump have oath tested positive for covid19. This comes after ho picks hope hicks tested positive. One of our editors in singapore, i know today was supposed to be your day off. Your first take. Time off is overrated. This is a bombshell headline. This is something a lot of people had feared. By saying youart hope President Trump and his family are ok. This is a horrible disease. Passedpeople who have off of this. And prayers go to them, first of all. Second, i would say the u. S. Government the u. S. Government is still functioning. The government in washington is still going on. There are procedures that are put in place constitutionally and beyond from as recently as when Ronald Reagan was shot, a little bit of chaos afterwards. U. S. Government makes a lot of contingency plans for what happens should Something Like this happens. Right now, it is not in that situation. Mike pence was a congressman, governor. He knows what he is doing. It is not that bad. This is a president who better than anybody has been able to shape policy from his phone and twitter account. Somebody, and i do not say this in a glib way, somebody used to being able to govern in a sort of remote fashion. That would not be as much of an obstacle for this president as it mightve been in years past. Right now what you are looking at is you have to go through a Contact Tracing procedure. Who did the president meet with . Who did ho picks meet with . Melania trump . Of go through that layer infrastructure to figure out what is going on. Hopefully all these cases stay minor. Notas you know, that is always the case. Sometimes they hit people harder than other folks. It can be easy and onward or have lasting effects for months. We will have to see what happens. Questionsthe opening we have. Of0 has been a year exceptional volatility across everything. This is most of that that we have seen today. A month before the election. That across the financial markets. Gold as well. Ask, when do you think we will hear from joe biden . Have we heard from them . From joe bidens campaign, when they sort of assess what was going on, we dont have any public indication in terms of how closely incontact biden and trump got. From everything we could see, they were fairly distant. There was not necessarily any contact there. Were mostly cap sidebyside. Biden, there are procedures in place to insulate the democratic president ial nominee from the virus. There are some procedures in place. I would imagine his campaign is taking stock of this. You are not going to see joe biden on a tour of shouldnt fried youd and may see it on the democratic side. I certainly think in terms of Campaign Events, the president has said he is going to remain in the white house during this time. Public Campaign Events are probably not going to happen for the foreseeable on his side. The status of future debates, there are two president ial debates to run, we will see what happens with the second that is supposed to be in a little less than two weeks. Throws a lot of things up into the air. One thing it does not is the election is underway. It isspecified by law and happening regardless. Many people have already started to vote read our editor in singapore. Thank you so much for that analysis. Lets get more news aching news this morning. Laura wright. Breaking news, President Trump has tested positive for covid19. He tweeted he and the first lady both have the virus. Aidemes after a close tested positive. To he tested troubled the debate in minnesota. The president and first lady he will update any developments. It is unclear how President Trumps diagnosis will impact the election campaign. It will likely sharpen attention on his handling of the pandemic. It will make it harder for him to shift attention to other topics. Global news, 24 hours a day. Powered by more than 27 hundred journalists and analysts and more than 120 countries. This is bloomberg. Thank you for that recap of this breaking news this friday morning. President donald trump and his wife Melania Trump have tested positive for covid19. We see the initial reaction in the equity markets. Futures in the u. S. Down. Tures nasdaq futures down 2 to be joining us for more reaction is kathleen hunter. Kathleen, what are your initial thoughts . I think this certainly brings campaign, thehe attention squarely back to the coronavirus and the president s handling of it. Questions about whether he has taken it seriously enough. Whether people have been serious about enforcing protocols. Be ank that is going to fresh question now. Does he start to delegate more of these roles to Vice President pence . We woulddnt expect see that. Thell accounts, he and first lady are feeling well at the moment. Despite having tested positive. The plan for now is the president will continue executing as normal, just from the white house. Think there is certainly a model for that. U. S. Was more or less in lockdown, during those initial phases of the pandemic. He is fully capable of being able to govern as president from the white house. Campaigning, that is another question. It comes to his official duties, we expect him to continue undeterred. Have we heard from the biden camp yet . What do you expect your initial response to be . Bidenouldnt expect joe would do anything other than issue some well wishes for the president. This is one of those moments where people probably step back from politics, at least initially, and say they hope the president and first lady to get better. We have to remember the debate was tuesday night. We dont know the level of contact that might have happened president , former Vice President and his staff and the president had his staff. Whether there is a risk for joe biden. Get some more information about that. There may be some limitations put in place by the Biden Campaign on people who may have had contact with trump world. I think that is another thing to watch. Thank you sounter, much. I want to get more on Market Reaction. We saw it fast and furious. What is your main takeaway . It is funny. The time of the day when this broke is typically when you have all of asia open. Thats when europe starts to wake up. You dont have major equity markets up and running. This was a big piece of news. We are seeing some price action in the markets. Most of asia is shut in holiday. The only main benchmark we are looking at at this point is the nikkei 225. Reaction,the price oneto levels below that, you are looking at food prices. There is thats would strike prices coming up in terms of where they are with the target below where the index is at the moment. We are soaring substantially in many of these things. The other thing i want to bring anything else we know now, it is uncertainty. Beyond that, it is speculation. When you look at one other piece of reaction i just found out, one week, dollaryen. It is the end of bloomberg daybreak europe. Onetwo quickly recap, thank you for tuning with us. Grorm. Welcome to bloomberg markets. The european open. Im anna edwards along with matt miller in berlin. Matt the markets say there is only one thing on our minds. Futures fall deep into the red. The the cash trade is an hour away. Here are your top headlines from the bloomberg terminal. The u. S. President tests positive for covid19. Donald trump tells his twitter followers that he and the first lady have both tested positive for the virus. Futures fall off a cliff after the