Business World

Saturday 18 November 2017

Trump waiting game hits major markets

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

Stocks on major world markets dipped along with the dollar and US Treasury yields on the last day of the month as investors waited for signals on infrastructure spending and tax cuts in President Donald Trump's Congressional address.

But in Europe, indices were broadly unchanged, with most actually nudging very slightly higher.

The global MSCI ACWI has risen more than 8pc since Mr Trump's election in November on expectations for a pro-business administration but was off 0.1pc yesterday morning in New York as investors worried whether President Trump would reveal concrete plans to realise his campaign promises.

"The markets are very quiet right now waiting for some specifics on how much the President is going to ask for and how much he and his Congress can deliver, which is another story altogether," said Scott Colyer, ceo of Advisors Asset Management. "It will be clearer tonight than it is today. At least people are anticipating that."

In Ireland, the ISEQ Overall Index was 0.29pc, or 18.66 points higher at 6,546.77.

Movers included hotel group Dalata, which yesterday reported a 55pc increase in pre-tax profits for 2016. Its shares ended the session largely unchanged at €4.40.

Shares in Ryanair jumped 2.3pc to €14.30 as it announced a major expansion of its services out of Frankfurt as it steps up its presence in Germany.

Irish healthcare software provider Oneview, which is listed in Australia, posted revenue of €9m for 2016 - up from €2.3m in 2016. Its shares had traded 1.5pc lower in Australia on Tuesday's close,

The UK's FTSE-100 ended the day 0.1pc higher. Germany's DAX was also up 0.1pc. France's CAC-40 was nearly 0.3pc higher.

Reuters

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