Global Markets Sell Off Amid Trump Administration Turmoil; Gold Shines

This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.

Share!Tweet about this on TwitterShare on FacebookShare on LinkedInEmail this to someonePrint this page

(Kitco News) – World stock markets were mostly lower overnight, on growing tensions in the White House that could cripple the Trump presidency in the coming months, or worse. News that a special counselor has been procured by Congress to investigate Russia’s involvement in the last U.S. presidential election is the latest shoe to drop on a Trump presidency that is now in crisis mode.

The U.S. stock market sold off sharply Wednesday and had its worst day in several months, following reports Trump asked the just-fired FBI director James Comey to drop his investigation of Trump’s former national security advisor Michael Flynn.

Many market watchers now fear Trump’s administration is paralyzed and won’t be able to enact its pro-business legislation. U.S. stock indexes are pointed toward further losses when the U.S. day session begins Thursday.

Safe-haven assets gold and U.S. Treasuries have seen their prices spike up on the keen political uncertainty in the U.S.  Gold, T-Bond and T-Note futures prices are firmer Thursday morning, following their sharp gains Wednesday. Look for the safe-haven markets to continue to see buying support in the near term. The Trump crisis will not fade any time soon.

The U.S. dollar index hit another six-month low overnight and has been pressured in large part recently by the Trump Administration turmoil. Up to this week, the marketplace had been mostly ignoring the politics in Washington, D.C.

Nymex crude oil futures prices are lower in early U.S. trading today, on a corrective pullback from recent good gains.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey and leading economic indicators.

 

To get full access to all Money Morning content, click here

About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

Disclaimer: © 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.

The post Global Markets Sell Off Amid Trump Administration Turmoil; Gold Shines appeared first on Money Morning – We Make Investing Profitable.

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Leave a Reply