Daily Morning Call

From the Floor: Stocks sell off as Trump trade withers — #SaxoStrats

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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
   • 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