‘I’ll give you anything you ask for. As long as it’s not something I don’t wanna give.’ The US President to the UK’s Prime Minister in the movie, Love Actually.
A turbulent first week of the new US President confirmed what has been repeatedly promised for eight years: to make America great again at any cost.
It will be welcome relief, or at least a change of scenery, to begin a day without having to consider whatever latest Trumpism banners the morning’s headlines. Alas, that day is a long way off and yielding to the power of the new President’s words is unavoidable for reporting and more importantly, market movements. The extension of his campaign stump speech into the midst of Davos delegates again affects the progress of all investment suites.
Equities, particularly technological stocks, have rallied from last Friday’s settlement levels. The Nasdaq Composite Index has gained 2%, the S&P 500 index scaled its former summit yesterday. The US 10-year bond yield has retreated from 4.61% to 4.60%. The dollar has weakened, and its index has lost 1.1% of its value over the last five days.
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