Daily Morning Call
From the Floor: Stocks sell off as Trump trade withers — #SaxoStrats
426 views
US equities posted their largest single-day drop since November 2016 Tuesday as concerns are growing that president Trump may not have the political clout to pass his promised reforms.
• US equities drop by largest single-day amount since November 2016
• US equities drop by largest single-day amount since November 2016
• Investors concerned that president Trump will not be able to pass policies
• Risk-off sentiment takes hold as Trump/reflation trade confidence drops
• USD weak versus G3, most notably JPY, and strong versus EM
• US banks decline 3% Tuesday, are now down 8.2% from March 1 peak
• Oil under pressure; WTI hits lowest level since November 2016
• Opec in a tight spot as non-Opec production deal compliance shaky
• 'We would not be surprised to see 5-10% correction in global stocks' — Garnry
• Gold targeting February high on lower USD, stocks, bond yields
• US Treasury bonds climbing as market awaits policy moved from DC