Trump to spend days at military hospital after COVID-19 diagnosis

U.S. President Donald Trump was in a military hospital on Saturday for treatment after testing positive for COVID-19, an extraordinary development that upended the presidential race a month before the Nov. 3 election.

HOW DID THE MARKET REACTED ON FRIDAY – DOW & SP500?

GOLD & OIL

KEY TAKEAWAYS

  • Looks Gold be cool this week for 1976 price level
  • Market will consolidate and await news
  • Market will be fragile as long as President Trump Covid is cleared

WHAT ABOUT THE PSEI?

KEY TAKEAWAYS

  • We should see cautiousness on Monday trading
  • Market will consolidate before any big movement starts
  • Telco companies are creating waves last week and the saga will continue this week with STOCK CODE: NOW – Businessman Mel Velarde has teamed up with Viettel, the largest telco player in Vietnam, to develop information technology and telecommunications applications in the Philippines.
  • IPO – Converge –
  • About 70% or 1.05 billion shares will be offered overseas while the remaining 30% will be sold in the domestic market at a maximum price of P24 per share.
  • The final offer price will be set on October 9 while the IPO is targeted to run from October 13 to 19. Listing of the shares has been scheduled on October 27.
  • We will remain cautious as the market is still fragile – with Franchise freefall: 90,000 stores to close down in 2021; no bounce back until 2025 – Samie Lim
  • We see also the economy slowing down further with Covid far from over for now.

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