S&P 500 Futures struggle to regain 3,400 amid mixed clues for Trump’s health
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S&P 500 Futures struggle to regain 3,400 amid mixed clues for Trump’s health

  • S&P 500 Futures consolidate the previous day’s gains around three-week high.
  • US President Trump leaves hospital feeling “20-years younger” but concerns about breathing capacity probe earlier market optimism.
  • RBA, Aussie budget to dominate Asian calendar, Fed Chair Powell’s speech, Trump’s COVID-19 update will be the key afterward.

S&P 500 Futures seesaw around 3,390, down 0.07% intraday, during Tuesday’s Asian session. In doing so, the risk barometer part ways from Monday’s upbeat performance that probed the mid-September highs.

Although US President Donald Trump’s departure from the Walter Reed, followed by few tweets from the Republican leader, initially kept the risk-on mood, a recent video from the American leader showed that he is struggling while breathing. Also strengthening doubts over Trump’s health was the recent confirmation from the White House that he will be under 24-hour care and anybody nearing the President will need to wear the PPE kit.

Earlier in the day, the White House blocked the US Food and Drug Administration’s (FDA) stricter guidelines that could have stopped the coronavirus (COVID-19) vaccine from rolling out before the presidential election.

Elsewhere, odds of the soft Brexit are on the hike while US House Speaker Nancy Pelosi and the Treasury Secretary Steve Mnuchin keep struggling to even start the stimulus talks.

Not only the S&P 500 Futures but risk catalysts from Asia-Pacific, like Nikkei 225 and Australia’s ASX 200, also flash mixed signals and probe the market bulls.

Moving on, RBA and Aussie budget will be crucial to watch during Asia while Fed Chairman Jerome Powell’s speech and updates concerning US President Trump will keep the driver’s seat.

FX Street

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