World Media

Trump uncertainty pushes yen, Swiss franc to multi-week highs

Trump uncertainty pushes yen, Swiss franc to multi-week highs”

European stocks open lower as global investors pull back from both risky assets and the US dollar amid the ongoing political scandal in the White House that threatens to engulf President Donald Trump's nascent administration.

That was followed late Tuesday by claims by recently fired Federal Bureau of Investigation boss James Comey that Trump pressed him to drop a probe into ex-national security advisor Michael Flynn over his links to Moscow.

Under pressure from Congress, the Justice Department late 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 President Donald Trump's campaign and Moscow. The S&P 500 was briefly on track for its worst day since September 13, but pared some of those losses to put it on track for its biggest daily fall in about two months.

The clearest casualty has been the USA dollar, which has lost all the gains it made since the U.S. election.

The Japanese currency has been experiencing a massive cascade as the dollar struggles this week because of two main reasons; the first one is the lackluster United States data on the beginning of the week, the most recent one is the report of President Trump disclosing "classified intelligence" to Russian officials who visited the White House last week.

Asian equity markets were broadly lower, extending a selloff in the USA overnight, as doubts increased that the Trump administration would be able to deliver on its policy goals due to mounting political problems. The report raised concerns that political distractions will delay Trump's growth agenda. It's all being put well on the back burner and even off the stove.

Jeffco board unanimously approves three-year contract for new superintendent
She said she was eager to get to work with a board she knows well and with which she feels she has a good working relationship. Oliver Robinson on the land issue, it was a single, individual, issue. "The VNA gave the highest offer", Anderson said.

The dollar took a beating in NY and extended the losses Wednesday.

The Dow Jones Industrial Average fell 2.19 points, or 0.01 percent, to 20,979.75, the S&P 500 lost 1.65 points, or 0.07 percent, to 2,400.67 and the Nasdaq Composite added 20.20 points, or 0.33 percent, to 6,169.87.

Volatility spiked. The CBOE Volatility index was up 2.8 points.

Bank stocks, which outperformed in the post-election rally, were the worst hit on Wednesday. The S&P 500 financial sector tumbled more than 2 percent, led by losses in Bank of America (Swiss: BAC-USD.SW - news) and JPMorgan (LSE: JPIU.L - news).

At almost 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data.

Trump's economic proposals - slashing taxes, cutting regulation and pumping up infrastructure spending - lifted the USA dollar after the election because many thought they could give the American economy a shot in the arm.

WWE says Braun Strowman will be sidelined for at least six months
Seth Rollins , Samoa Joe, Finn Balor , Bray Wyatt and Roman Reigns will square off on June 4, live on Sky Sports Box Office . Plus, the new partnership between Raw Women's Champion Alexa Bliss and Nia Jax continues.

Several money managers said they were not yet likely to change their portfolios as a result of the latest White House news.

"But judging by how steeply the dollar has fallen, participants may have already priced in much of the negative news regarding Trump".

The dollar index scaled a 14-year peak of 103.82 on January 3 on hopes for tax reform and stimulus measures from the administration of US President Donald Trump, Reuters reported. The dollar bought 112.14 yen, compared with 113.12 yen on Tuesday.

Oil prices extended losses after API data showed an unexpected build in USA crude inventories.

Brent crude futures were down 46 cents, or 1 percent, from their last close at $51.19 per barrel.

And in a sure sign of the rising fear levels the yield on the 10-year Treasury bond was off 10 basis points at 2.22%, the biggest fall in the yield for 11 months.

Elon Musk Unveils His Boring Company's First Tunnel On Instagram
That was quickly followed by a short video of Elon's first boring machine being brought up to speed for the first time. His plan includes platforms that act like elevators carrying the cars to an underground series of tunnels.



Like this

Latest


16 May 2017
US trumpets Mosul gains, but Iraq says more aid needed
Families arriving from West Mosul report heavy bombing and fighting. "God willing, this is the final phase", General Rasoul said. An Iraqi special forces soldier peers at Islamic State militant positions, in western Mosul , Iraq, Monday, May 15, 2017.

16 May 2017
Paul McShane suspended as Reading and Fulham vie for Wembley place
And we defended well after that, kept it tight, and we didn't give away many chances at all. "We will push hard on Tuesday night". I'm happy with them and I think they're happy with us at the moment - so that's a good thing.

16 May 2017
No fresh injury for Rory McIlory scans reveal
Instead of maybe gradually building it up again, I hit balls for four or five hours on Friday and did the same on Saturday.

16 May 2017
Disney CEO: Hackers claim to have upcoming film
The hackers first tried to pressure the post-production company, but eventually targeted Netflix with ransom demands. The hackers have however threatened to release increasingly longer pieces of the movie online if they aren't paid.

16 May 2017
Pyongyang claims missile can carry nuke, hit the US
North Korea's state news agency identified the weapon as a Hwasong-12 "medium long-range" ground-to-ground ballistic missile. Even before North Korea gave its account of what happened, the launch caught the eye of experts.

16 May 2017
Severe weather outbreak to eye central US
There will be some tremendous rainfall too, so be on the lookout for flooding, especially toward the end of the week. The Storm Prediction Center puts the northern part of the state in a risk area for severe storms.

15 May 2017
Astros-Yankees game postponed; doubleheader on Sunday
The right field porch was a friendly confine and in the Bronx as a Yankee the Houston Astros catcher hit 46 of his 69 home runs. The ceremonious cheers from the pregame honoring were quickly silenced just as Houston's George Springer stepped into the box.

14 May 2017
US Navy ship collides with South Korean fishing boat
USS Carl Vinson Strike Group deployed in January to take part in an operational construct that hasn't been carried out by the U.S. But there was no report of any casualties from the accident involving the Ticonderoga-class guided-missile cruiser, he added.

14 May 2017
Trump urges Liberty U grads to stand up to criticism
Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. An early endorser, Falwell continues to be Trump's faithful adviser and ally, and much of Liberty reflects his enthusiasm.

13 May 2017
Apple might reveal a new iPad next month
YouTube/ AppleThe Apple iPad Pro (shown in the picture) is said to pale in comparison to the up and coming Apple iPad Pro 2. If this speculation turns out to be true, then the iPad could eat into the sales of Microsoft Surface Pro 4 2-in-1 tablet.



Recommended