FTSE 100 falls as Donald Trump tests positive for coronavirus

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THE FTSE 100 opened 1% down this morning after Donald Trump and First Lady Melania tested positive for coronavirus.

The Footsie dropped to 5,810.00 shortly after the London Stock Exchange opened at 8am, down from the 5,879.450 it closed at on Thursday.

The FTSE 100 open 1% lower this morning following the news about Donald Trump

The stock exchange has since recovered some ground and is now at 5,844.54, or 0.62% down, as of 10.15am.

Despite the drop, the FTSE is still higher than where it stood at the start of the coronavirus crisis, when the index closed at 5,415.00 points on March 3

But it’s down compared to the 6,484.300 points it registered on June 5 – it’s highest mark over the last six months.

It was better news for the pound this morning, as sterling was trading $1.2934, up 0.38% compared to yesterday.

Against the euro, the pound was trading €1.1048, up 0.76%.

The FTSE fall comes after the President, 74, announced the positive results, hours after it was revealed his top aide tested positive for COVID-19.

Russ Mould, investment director at AJ Bell, said: “Donald Trump catching coronavirus has put the markets in a mild state of disarray.

“Oil prices were also weak on Friday, two signals that suggest the latest decline in equity markets may not entirely be caused by Trump testing positive.

“This commodity is an economic bellwether and a decline in the price could be a red flag that the global economic recovery faces some near-term headwinds.”