Today, anxiety arose in the stock market, and this is due to Donald Trump's announcement that he and his wife tested positive for the coronavirus. His statements caused a 1.75% collapse in S&P 500 index, as well as a depreciation on some risky assets.
As for oil, trading shows a 3.23% drop in Brent futures, returning the quote to a price of $ 39.44 per barrel. Traders, being careful amid a surge in coronavirus incidents, are choosing not to trigger sudden movements, especially since the market has recently been full of doubts over new restrictive measures implemented by the government.
In addition, supply has boosted since September, which is due to increased oil production of OPEC countries. Compared to August, production has now climbed up by 160 thousand barrels per day, most of which is from Iran.
Meanwhile, the trade war between the United States and China continues to strike the markets as well, and one of their latest competition is the technological developments of their country. It is already clear that the US government will not bow down in terms of technological breakthroughs, however, China has the same attitude as well, which only escalates the rivalry between the two counties. For example, electric car manufacturer, Tesla, is projected to suffer, as according to experts' forecasts, its sales will suffer big losses, with which by 2030, it will most likely fall to zero. Regardless, CEO Elon Musk aims specifically at the Chinese market with his developments, as evidenced by the electric car factory he built in China.
Today, investors are also awaiting the publication of data on trading volume for September, which will be provided by the Moscow Exchange. In August, the total trading volume increased by 9.3%, and this is due to the stock market having positive dynamics of about 76.5%. If the latest report indeed shows a significant increase in volumes, shares in the trading floor will rise sharply as well.
