Trump Trouble

TRUMP TROUBLE: More turmoil at the White House added to investor pessimism. President Donald Trump abandoned his plans to form an infrastructure advisory council, a day after the administration said would close down two other advisory councils made up primarily of business leaders. The White House was also forced to issue a statement dispelling swirling rumors that Gary Cohn, head of the National Economic Council, was stepping down, saying they were “100 percent false.”

MARKET VIEW: “The White House drama shows little sign of easing,” said Stephen Innes, head of Asia trading at OANDA. “With U.S. investors’ nerves fraying at the thought of a discombobulated White House — the face of the nation — investor risk appetite could remain fractured for some time.”

WALL STREET: U.S. benchmarks had their biggest loss since May. The Standard & Poor’s 500 index dropped 1.5 percent to 2,430.01, its lowest close since July 11. The Dow Jones industrial average tumbled 1.2 percent to 21,750.73. The Nasdaq composite sank 1.9 percent to 6,221.91.

ENERGY: Benchmark U.S. crude dipped 3 cents to $47.06 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents to settle at $47.09 a barrel on Thursday. Brent crude, used to price international oils, added shed 9 cents to $50.94 a barrel in London.

CURRENCIES: The dollar dipped to 109.40 yen from 110.55 yen in late trading Thursday. The euro rose to $1.1732 from $1.1723.

Chicago Tribune

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes