Markets

After Latest White House Crisis, Are Markets Finally About to Crack?

After Latest White House Crisis, Are Markets Finally About to Crack?

Speculation about Trump's impeachment or resignation heated up after news that fired FBI Director James Comey left a memo detailing a conversation in which Trump allegedly asked him to stop his investigation of former national security advisor Michael Flynn. Asian stock markets were mostly lower on Wednesday as a rise in political uncertainties dented ri.

Wall Street futures pointed to another, albeit more modest, fall of around 0.2 per cent when it reopens later.

Trump says he is being given one of the toughest rides of any president in U.S. history.

The 10-year Treasury yield fell to 2.21 percent from 2.33 percent late Tuesday, a large move.

On Wednesday, the Justice Department appointed former Federal Bureau of Investigation chief Robert Mueller on Wednesday as special counsel to probe possible ties between Russian Federation and Trump's 2016 presidential campaign.

The dollar index, which tracks the us currency against six peers and had scaled a 14-year peak of 103.82 on January 3, fell 0.4 percent to its lowest level since November 9, surrendering all of its "Trump bump" gains.

The yen showed little reaction to data showing that Japan's economy grew by 2.2% year-over-year in the first quarter, ahead of economists' expectations for growth of 1.7%.

Reports that Trump had tried to intervene in an investigation into alleged Russian meddling in last year's US presidential election, and that his aides had numerous undisclosed contacts with Russian officials, kept market tensions high a day after the S&P 500 posted its largest drop since September.

The heavier index, representing all shares, also dropped 26 points, or 0.6 percent, to settle at 4,626.42, on a value turnover of P7.5 billion.

On equities markets Tokyo ended down 0.5 percent as the stronger yen hit exporters, while Hong Kong gave up 0.2 percent by the finish and Shanghai closed 0.3 percent lower.




The greenback was up 0.4 percent at 111.200 yen after hitting a three-week low of 110.530.

The US dollar index against a basket of major currencies was down 0.1 per cent at 97.498, not far from a six-month trough of 99.333 reached the previous day.

Trump says he is being given one of the toughest rides of any president in USA history. South Korea's Kospi also extends its losses from geopolitical tremors from North Korea's nuclear exercise; it manages to shed 0.15% at 2291.53, or 3.52 points.

In the unlikely event that Trump is impeached, the Vice President, Mike Pence, would become acting president, meaning the Republican Party would still be pursuing much of Trump's economic policies.

The dollar's decline followed an ugly trading session in the US on Tuesday.

Spot gold rose for the fifth day and was up 1.8 percent at $1,258.28 an ounce by 2:40 p.m. EDT (1840 GMT), after hitting $1.260.20, the highest since May 1.

Oil prices traded higher as Brent crude futures rose 0.72 percent to trade at $48.92 per barrel, while US WTI crude futures gained 0.53 percent to trade at $48.92 a barrel.

The yield curve between two-year notes and 10-year notes flattened to 95 basis points, its lowest since October 27 as investors reached for longer-duration bonds.

"My feeling is that the current level of the euro is too high, and isn't sustainable based on fundamentals, when USA growth and the economy are not so bad, so I'm feeling that the current levels are a very good chance to sell the euro against the dollar", Brown Brothers Harriman's Murata said.

The Federal Reserve said Tuesday that US industrial production at factories, mines and utilities rose 1% in April from March, well above expectations for 0.4% increase.


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