Friday, 28 July, 2017

Wall St caps Trump-induced stocks selloff; dollar ticks up

Markets Right Now Washington turmoil unnerves markets Wall St caps Trump-induced stocks selloff; dollar ticks up
Laurie Berry | 19 May, 2017, 15:26

Trump's absence would still leave the market-friendly Grand Old Party dominant in D.C., at least for another two years - until midterm elections - and under that regime Trump's pro-business agenda, under the guidance of Mike Pence or another Republican, could come to full bloom.

Enough may finally be enough for Wall Street following reports that President Donald Trump asked then-FBI Director James B. Comey to hit the brakes on an investigation into former national security advisor Gen. Michael T. Flynn and his alleged connections to Russian Federation and Turkey.

The Justice Department on Wednesday named former Federal Bureau of Investigation chief Robert Mueller as special counsel to investigate alleged Russian interference in the 2016 US election and possible collusion between Trump's campaign and Moscow.

Tokyo plunged 1.3 percent, while Hong Kong shed 0.5 percent in the afternoon, Sydney shed 0.8 percent, Seoul was 0.3 percent off and Singapore also gave up 0.3 percent.

In 1.13pm trading in NY, the Dow Jones Industrial Average dropped 1.3 per cent, while the Nasdaq Composite Index shed 1.7 per cent.

The US dollar index against a basket of major currencies was down 0.1 per cent at 97.498, not far from a six-month trough of 99.333 reached the previous day.

Although Mr Trump's surprise election victory had initially sparked buying in the dollar and USA assets on hopes for his tax cuts and infrastructure spending plans, such "Trump trades" has been wound back. United States stocks also remain in bullish territory despite the biggest upset to hit the equities market this year.

"The readings on jobless claims and the Philly Fed index back expectations for faster (second quarter) growth and a Fed rate hike next month".

Soundgarden singer Chris Cornell dies aged 52
Chris Cornell, lead singer of Soundgarden and Audioslave, died Wednesday night, his representative told CNN . He reunited with Soundgarden in 2010 and they released a sixth studio album, King Animal , two years later.

"While there is no particular headline behind the move, a likely combination of slipping US yields, softer oil prices and heightened political uncertainty in Washington are providing traders with this morning's toxic dollar elixir". Such a scenario could be enough to push dollar/yen back towards the 100 level.

The dollar has been hard hit by fears that the US political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms. Sovereign bonds also rallied, pushing down yields. The People's Bank of China pumped a net 170 billion yuan ($24.7 billion) into the financial system via its daily money-market operation, the largest amount since just before the Lunar New Year holiday in January.

U.S. Treasury yields fell, with benchmark 10-year notes up 23/32 in price to yield 2.25 percent, the lowest level since April. However, this is still above the April low of 2.165% when geopolitical concerns over the French election and North Korea had spooked the markets.

"The market's key focus right now is the political uncertainty linked to the Trump allegations, not economic fundamentals", said Toshihiko Sakai, a senior dealer at Mitsubishi UFJ Trust and Banking.

While the Dollar remains under pressure for now, we can expect some support for the greenback, though risk appetite will be on the back burner with European equities in the red at the time of the report, in response to the overnight slide in the Dow.

Democrats say reports Trump asked Comey to drop the investigation into Michael Flynn amount to obstruction of justice, if true.

"Impeaching Donald Trump was a pipe dream for the Democrats but extremely unlikely to most other observers until a few days ago", he added.

Recommended

  • New French government unveiled, Le Drian foreign minister

    Macron said he's relying on Tusk to "go even further in this work of re-shaping and setting in motion again a European ambition". The MEP was among the first politicians to support Macron when he set up his political movement En Marche, or On the Move.
    Man United's Romero credits Mourinho for turning a 'nobody' into a star

    Man United's Romero credits Mourinho for turning a 'nobody' into a star

    Southampton struggled to relieve the pressure building on manager Claude Puel against an under-strength United. It's just a lost battle, we have to accept the way it is. "We have to accept the way it is".

    US Imposes Financial Sanctions On Venezuela Supreme Court

    Marco Rubio is praising the Trump administration for imposing sanctions on eight members of Venezuela's Supreme Court. Ambassador Olof Skoog said the Security Council "should be on top of issues that relate to preventive diplomacy".
  • Britons see first drop in real wages since 2014

    Britons see first drop in real wages since 2014

    Martin Beck, senior economic adviser to the EY ITEM Club, said that "real regular pay fell for the first time since late 2014". THE UK's unemployment rate has fallen to a 42-year low as a record number of people are in work, figures show.

    GSB Wealth Management LLC Invests $224000 in Microsoft Co. (MSFT)

    The difference between the expected and actual EPS was $0.03/share, which represents an Earnings surprise of 4.3%. Moody Natl Bank Division stated it has 77,686 shares or 0.23% of all its holdings. 2,320 are held by Ckw Group.
    House Hasn't Sent GOP Health Care Bill to Senate

    House Hasn't Sent GOP Health Care Bill to Senate

    The Senate's bill sets the consumer sales tax at 6.95 percent, which includes digital products under the sales tax umbrella. As surrounding states already tax telecommunications, such a tax will not adversely affect border counties, she said.
  • Appointments cancelled at Newham University Hospital after cyber attack

    Some health care workers are also asking patients to reconsider if they really need checkups or appointments. Cyber security experts have said the majority of the attacks targeted Russia, Ukraine and Taiwan.
    US will tighten screws on North Korea, says Haley

    US will tighten screws on North Korea, says Haley

    North Korea has also launched satellites into orbit on long-range rockets that share some of the same technology as missiles.

    Federal Bureau of Investigation inquiry into Russian Federation links 'hurts U.S. terribly'

    Rosenstein's highly-anticipated appearance came after a week of major developments that flowed from the Comey firing. Our investigation is a counterintelligence one. "I just have to leave it at that", Ryan said.
  • Kim Si-woo Becomes Youngest Golfer to Win PGA Players Championship

    Si Woo Kim of South Korea became the youngest victor of The Players Championship with a game and nerves well beyond his 21 years. Ian Poulter is looking forward to getting back to the revamped Wentworth when he tees it up in next week's BMW PGA Championship.
    NY  incident: vehicle  ploughs into people in Times Square

    NY incident: vehicle ploughs into people in Times Square

    A suspected drunk driver mounted the kerb close to New York's Times Square and drove for three blocks smashing into pedestrians. After the wild driver hit a pole - which injured a man when it fell on his head - the man made a run for it, witnesses said.
    Eurovision 2017: Watch the top five performances

    Eurovision 2017: Watch the top five performances

    Third was Moldova's SunStroke Project with a raucous song called "Hey, Mamma". He reached a total of 758 points (382 jury points and 376 televote points).

I'm victim of 'greatest witch hunt' in political history Trump is both publicly and privately stewing about Deputy Attorney General Rob Rosenstein's decision to name special counsel. His latest tweets came hours before he was to hold a joint press conference with the visiting Colombian president.

Mariota and his O-line go big at Predators game It was so just barely, in fact, that Kase didn't even recognize this shining moment of his career as it happened in real time . There's a real good chance he does so, but it won't be because Johansen isn't willing to go up against Kesler.

Self-propagating ransomware: What the WannaCry ransomworm means for you Most ATMs were running fine, there could be some which may not have updated Microsoft's Windows operating system, sources said . A 22-year old security researcher in the United Kingdom discovered a "kill-switch" to initially stop the spread of the attack.

Nadal continues fine form with Madrid Open title Nadal continues fine form with Madrid Open title I really enjoy these tournaments. "This is a very emotional period of the season". "I hope you understand and respect that". The victory leaves Nadal in flawless shape for the Roland Garros where the French Open is set to kick off in a week's time.

National Football League responds to Gisele Bundchen's claim of Tom Brady sustaining concussions National Football League  responds to Gisele Bundchen's claim of Tom Brady sustaining concussions The league also said that they are working on gathering more information from the club, medical staff and Brady himself. Gisele Bundchen has a whole life planned out with husband Tom Brady, but concussions are starting to worry her.

Car Plows Into Crowded Sidewalk in Times Square Car Plows Into Crowded Sidewalk in Times Square Rojas had been arrested in 2008 in Queens and 2015 in Manhattan for drunk driving, officials said at the press conference. The aftermath was "pretty gory", the Queens resident said. "I'm so freaked out!" "It was a pretty scary scene ".

Couple praises High Desert Humane Society and Gila County Animal Control Couple praises High Desert Humane Society and Gila County Animal Control Animals who are too young to be in a shelter environment, as well as sick or injured animals, need homes to recover in. Not all pets in the shelter will be part of the adoption special, the special will be for large, available dogs.

Can Deere & Company (DE) Shock Analysts Again? The investment professionals in our partner's database now own: 212.97 million shares, down from 222.62 million shares in 2016Q3. The Firm operates through three business divisions: agriculture and turf, construction and forestry, and financial services.

Severe storms, including hail and damaging winds, expected Thursday evening The storm will be capable of producing very large hail, strong tornadoes, damaging wind and flooding, he said. Chetek Mayor Jeff Martin estimated the park, about 40 miles north of Eau Claire, had around 50 homes.

Wenger's future will be decided after FA Cup I don't know [how you should interpret it]. "On Sunday against Everton , it is sold out", said Wenger. They play the way they want to play, so if teams of Tony Pulis want to play that way, perfect.

Polls open in first presidential election in Iran since nuclear deal Raisi has tried to gain support by promising more financial support to the working class and to triple cash handouts to the poor. Iran's president is subordinate but still powerful, with considerable influence over both domestic policy and foreign affairs.

Trump denies Comey allegations, collusion with Russian Federation Trump denies Comey allegations, collusion with Russian Federation Next question ", he said, speaking at a press conference with the Colombian president. "Believe me, there's no collusion". He said that he thinks the appointment of a special counsel "divides the country".

China protests 'unhelpful' United States sanctions on Iran On Wednesday night he said: "the U.S. is not pursuing efforts to reduce Iran's sales of crude oil at this time". The State Department said it will "continue implementing USA sanctions-lifting commitments".

Multiple Congressional Committees Want Comey's FBI Memos And Testimony In a weird twist on Wednesday, Russian President Vladimir Putin offered to turn over to Congress records of Trump's discussions. Asking Comey to let the Flynn investigation go might not qualify as obstruction of justice , but it dances close to the line .

Trump denies asking Comey to drop probe, decries 'witch hunt' Virginia Sen. "This is a truth hunt", said Democratic Senator Amy Klobuchar. Rosenstein appointed Mueller under a statute used in 1999, when John C.