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In the debut conference of Mr. Trump's off-the-cuff statements have caused in boosting or plummeting certain segments and stocks. For an instance, it seems to be the defense sector has been the prime targets of Mr. Trump's criticism.
Elsewhere in FX markets, the USD softness that started after Donald Trump’s press conference continued all through the day yesterday. That is hardly astounding as the USD strength rests mainly on the fact that the new US administration is going to notably increase government spending thus creating more inflation; in which case, of course, the Fed would appear on the scene providing USD with a higher carry. But government spending wasn’t even mentioned in yesterday’s speech.
As always Trump promised a lot. Higher government spending and lower taxes did not feature this time round. While there was no deviation from his election campaign program in other area (above all foreign policy) the question does arise why fiscal policy suddenly does not matter any longer. In a way that really makes the whole Trumpflation story seem rather unfounded. As a result, USD weakness cannot surprise. At some point Trump will have to deliver otherwise the FX market will reflect on its expectations.
For today, the dollar continued to weaken (heading towards 100 mark again) as investors world-wide digested comments President-elect Donald Trump made at his news conference.
That was borne out on Wednesday, when Mr. Trump began a press conference by railing against high drug prices, saying pharmaceutical companies are "getting away with murder."
The Stoxx Europe 600 dropped down about 0.3% in recent trading, while London’s FTSE 100 was on track to snap its longest-ever streak of record closes as health care companies led the decline. The Stoxx Europe 600 health care sector shed nearly 2%.
Drug makers also fell sharply in Australia and Japan, echoing a drop in their U.S. peers Wednesday when Mr. Trump said the drug industry was “getting away with murder” and called for “new bidding procedures.”
In currencies, the WSJ Dollar Index, which measures the dollar against a basket of 16 currencies, was last down 0.9%, deepening Wednesday’s declines. Analysts said a lack of clarity around Mr. Trump’s stimulus plans and trade policies at the news conference disappointed some investors.
The yield on the 10-year U.S. Treasury fell to 2.329% from 2.368% on Wednesday, their lowest of the year.
Well, among commodity space amid softened the dollar, Brent crude oil last up 1.3% at $55.80 a barrel, copper futures up 1% at $5,780 a metric ton and gold up 0.7% at $1,204 an ounce, helping lift shares of mining companies.
And early in the U.S. morning, the Republican-controlled Senate narrowly passed a budget resolution that's a first step in the GOP effort to repeal the Affordable Care Act.
