Though the Trump rally may have lifted the markets to their current peaks, the global outrage that has greeted the President’s first week in office, the most recent instance being the well-placed disgust at his Muslim travel ban, is now beginning to suppress investors’ appetites, especially since, as mentioned, the indices are trading so high.
To be fair to the fake-tanned Commander in Chief, the week’s cluttered economic calendar is likely also contributing to the negative start. Wednesday sees the first Trump-era Fed meeting, something that is expected to tee up a March rate-hike, while Thursday brings with it a Bank of England get-together. All this before Friday completes a trifecta of heavy-hitters with the latest US non-farm jobs report. That’s going to be a lot for the markets to process in the back end of the week, explaining why things might be a bit jittery this morning.
With everything from commodities to banks pharmaceuticals trading at a loss the FTSE continued its recent retreat after the bell, falling nearly 1% to circle lows not seen in almost a month. Normally this would mean the pound was putting in a shift; not so today, with sterling dipping 0.1% against both the dollar and the euro. There isn’t actually a lot for the UK markets to process this morning, leaving the
Over in the Eurozone things weren’t much better. The DAX slipped half a percent, dipping from the 18 month highs struck during last week, while the CAC dropped by 0.6% to loiter just above 4800.
