marctomarket.com / by Marc Chandler / May 18, 2017
Yesterday’s dramatic response to the political maelstrom in Washington is over. The appointment of a special counsel to head up the FBI’s investigation into Russia’s attempt to influence the US election appears to have acted a circuit breaker of sorts. It is not sufficient to boost confidence that the Trump Administrations economic program is back the front burners, but it is sufficient to stem the time for the moment.
Of course, Asian markets had to still respond to US developments. The MSCI Asia Pacific Index fell 0.7%, snapping a three-day advance. Japanese markets paced the losses, with a gap lower openings and nursed losses into the close of 1.3%. European shares are under pressure today after yesterday’s sharp drop, but the Dow Jones Stoxx 600 is off half of yesterday’s 1.2% slide. All sectors are lower, with energy and financials, the weakest sectors, while utilities and the consumer-oriented companies faring the best.
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