Stocks sell off on Trump concern; dollar at Nov low


On Tuesday, news broke that, prior to firing FBI Director James Comey, Trump asked him to stop the investigation into former national security adviser Michael Flynn.

The stock market could have "a little bit more trouble holding (because) bonds are basically unchanged and gold is falling but not much", Kinahan said. "U.S. stocks trade off earnings, earnings are linked to growth, and I don't think it's going to have a meaningful impact on growth". If Trump becomes a lame duck President this early on in his tenure, then the prospect of his legislative agenda being made into reality is slim.

Investors piled into US Treasuries, sending yields on the benchmark 10-year note nine basis points lower to 2.24 per cent. Swiss Franc inclined by 0.3 percent against dollar closing at 0.9828 franc-dollar and gold increased by 0.6 percent closing at $1,243.4 per ounce.

But a small number of his fellow Republicans called on Wednesday for an independent probe of possible collusion between his 2016 campaign team and Russian Federation, and one even mentioned impeachment.

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The ICE U.S. Dollar Index, which measures the dollar against a basket of six currencies, fell 0.7% to its lowest level since November 4.

US stock futures traded lower in early pre-market trade. Even with Wednesday's declines, the S&P 500 stock index is up 10.2 percent since last November's USA elections though. The yen, which saw its biggest daily gain against the dollar since July on Wednesday, had touched a more than three-week high The dollar was last up 0.3 percent to 111.15 yen.

The appointment of a special counsel follows Mr Trump's dismissal of Mr James Comey, his Federal Bureau of Investigation director who was investigating Russia's role in the United States election. Japan's Nikkei 225 dropped 0.5 percent, while South Korea's Kospi dipped 0.1 percent.

Safe-haven gold hovered near a two-week high prompted by the weaker dollar and the risk aversion gripping the broader markets.

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"There is a very high level of uncertainty oozing from the markets but one thing that is crystal clear, investors now believe that at a minimum the rising U.S. political entropy will jeopardise the White House policy agenda, and at the extreme, a Trump impeachment will lead to a flat out market collapse", said Oanda senior trader Stephen Innes.

The dollar index, which tracks the greenback against six major rivals, fell as low as 97.333 .DXY on Wednesday, its lowest level since Nov. 9, having given up all the gains it had made following the USA presidential election in November. The euro declined against the US dollar on Thursday as the dollar recovered from its previous day's slide after stronger-than-expected USA economic data put the focus back on a widely anticipated increase in interest rates by the Federal Reserve.

In commodity markets, data showing an increase in USA crude investors hit oil prices as concerns about oversupply despite efforts by top producers Saudi Arabia and Russian Federation to extend output cuts once again weighed.

"One has to remember that the rally since Trump's election has been based not on Trump's agenda [but] on the Republican agenda. It has paid to be a buyer in every sharp down move we've had over the last five years", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

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The Federal Reserve said Tuesday that USA industrial production at factories, mines and utilities rose 1% in April from March, well above expectations for 0.4% increase. On Tuesday the S&P 500, the benchmark favored by professional investors, marked its 15th straight day of moving up or down by less than 0.5 percent.