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Markets look past Trump's troubles

Business | May 19, 2017 21:05
Stock markets around the world recovered their poise today following a dramatic few days when traders fretted about the political problems afflicting President Donald Trump in the U.S. 
In Europe, France's CAC 40 was up 0.5 percent at 5,317 while Germany's DAX inched up by 0.2 percent at 12,617. Britain's FTSE 100 was up by 0.4 percent at 7,465. U.S. shares were poised for a solid opening, too, with Dow futures and the broader S&P 500 futures up 0.3 percent. 
Wall Street has driven today's gains in Europe. U.S. shares rallied Thursday, partly cheered by strong jobs data, following their worst drop in eight months the day before. Fears have been growing that given his political troubles Trump may struggle to push through his economic agenda including an array of tax cuts. 
"This week has seen an abrupt return of market volatility after a period of super-low volatility and a long period of minimal market corrections,'' said Neil MacKinnon, global macro strategist at VTB Capital. "The decline has less to do with traditional fundamental drivers, such as interest rate/yield differentials, but perhaps more to do with declining confidence on the part of foreign investors in White House policy which has become more unpredictable and less certain.''-AP


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