Stocks, US yields fall on US policy doubts, Barcelona attack

Gary Cohn Won't Quit Over Trump's Charlottesville Debacle
A Gary Cohn resignation would 'crash the markets'
Author

18 August, 2017

The index started slipping earlier on fears that Gary Cohn, a business friendly advisor to the President, could resign his role as director of National Economic Council because of Trump's remarks following the violent protests in Charlottesville, VA.

If White House economic adviser Gary Cohn resigned his position, it would cause markets to crash, according to Yale School of Management expert Jeffrey Sonnenfeld.

US President Donald Trump says CEOs are leaving his manufacturing council "out of embarrassment" for making products outside of the US.

United States stocks have dropped as investors worry what the political turmoil surrounding President Donald Trump means for his economic agenda.

Spain mounted a sweeping anti-terror operation on Friday after the suspected Islamist militant drove a van into crowds on a popular tourist thoroughfare in Barcelona, killing 13 people before fleeing, in what police suspect was one of multiple planned attacks.

Asian markets are playing catch-up to the moves seen in U.S. markets on Thursday, Horchani said, adding that the risk-averse sentiment could prove short-lived, given the news that Cohn will stay in his post.

USA equity markets appeared poised for a broadly weaker open, futures for the S&P 500 and Dow Jones indexes showed, though futures on the Nasdaq tech benchmark were up 0.13 percent.

The ECB news came a day after Federal Reserve meeting minutes showed some policymakers cautioning against rate increases while US inflation remained weak.

"Heightened policy uncertainty may not be conducive to the investment climate and the same moment the Fed raises the decibel of its warning about asset prices", Chandler said, referring to recent Federal Reserve comments on USA share valuations.

Cohn has tried to steer his aides away from Washington politics and focus them instead on getting results, even if they come slowly, or not at all.

All 11 major S&P sectors were lower, with technology index's 1.17 percent fall topping the list.

The Chicago Board Options Exchange's volatility index jumped 32 per cent to 15.55 and stocks on Wall Street dropped as investors scaled back their bets on risk-sensitive assets.

All this took MSCI's world index, which tracks shares in 46 countries, down 0.3 percent to one-week lows.

Cisco fell 4.12 percent after reporting a revenue miss in its closely-watched security business.

Fertilizer company Potash Corp of Saskatchewan Inc declined 0.9 per cent to $22.11, and diversified miner Teck Resources Ltd fell 1.2 per cent to $29.40. Shares of Under Armour fell 2.04 percent. The tech heavy Nasdaq composite fell 1.9 percent.

Rather than a single catalyst, a range of worries prompted investors to take profits, including the tense US relationship with North Korea, the Barcelona attack and domestic turmoil.


More news


  • Photographer At Red Sox Game In Wrong Place At Wrong Time

    Photographer At Red Sox Game In Wrong Place At Wrong Time

    Still, the Yawkeys are fondly remembered by many in Boston , as well as front-office employees dating back from the Yawkey era. The owner also appeared to reference President Donald Trump, albeit not by name , as a reason to seek the change now.
    Pinhole projector offers safe way to view total solar eclipse

    Pinhole projector offers safe way to view total solar eclipse

    You then point the hole at the sun and look at image on the piece of cardboard it's shining onto, instead of looking at the sun. Poke a small hole in a sheet of posterboard, cardstock, or even aluminum foil, and allow the sun to shine through the hole.
    South Korea's Moon says no military action without Seoul's consent

    South Korea's Moon says no military action without Seoul's consent

    North Korea responded that it was ready to aim a missile at the American territory Guam, but it has since suspended the operation. The cost of Chinese trade practices on the US economy is estimated to be more than $200 billion every year.
  • Active Stock Review: The Estee Lauder Companies Inc. (EL)

    The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink . Wellington Management Group LLP increased its stake in shares of Estee Lauder Companies, Inc. (EL) opened at 101.07 on Thursday.
    Manchester vs Barcelona: Why Usain Bolt may not play

    Manchester vs Barcelona: Why Usain Bolt may not play

    It's no secret that Bolt has long harboured dreams of playing professional football, having openly touted the idea of going on trial with Manchester United on several occasions in the past.
    Trump scraps business forums after CEOs resign in protest

    Trump scraps business forums after CEOs resign in protest

    The initiative was designed to advice the president on ways to create more manufacturing jobs in the United States. The President and members of the President's Strategic and Policy Forum have disbanded the forum.
  • Bhagalpur funds scam: RJD ups ante, asks Nitish-SuMo to quit

    Bhagalpur funds scam: RJD ups ante, asks Nitish-SuMo to quit

    RJD chief Lalu Yadav had earlier demanded an investigation by the CBI to "expose big names involved in the racket". The accounts were in two banks - Bank of Baroda and Indian Bank - where the government too has accounts.
    TODAY'S FORECAST: Mostly cloudy, chance of showers and thunderstorms

    TODAY'S FORECAST: Mostly cloudy, chance of showers and thunderstorms

    Wednesday , there will be a return of scattered showers/storms - 40% coverage - not as hot, a high of 92°. Thursday Night: Overnight lows will drop back down into the mid 70's for most of the Big Country.
    Foot Locker, Inc. (FL) Given a $80.00 Price Target at Barclays PLC

    Foot Locker, Inc. (FL) Given a $80.00 Price Target at Barclays PLC

    Waverton Investment Management Ltd increased Foot Locker Inc Com Us$0.01 (FL) stake by 6.02% reported in 2016Q4 SEC filing. Dynamic Technology Lab Private Ltd augmented its position by buying 7,465 shares an increase of 159.0% in the quarter.
  • Share Spotlight on Pennon Group PLC (PNN.L) : Technicals in Focus

    In related news, insider Jane Griffiths purchased 2,671 shares of the company's stock in a transaction dated Monday, July 31st. Macquarie lowered shares of KAZ Minerals PLC (LON:KAZ) to a neutral rating in a research report released on Monday.
    Aperio Group LLC Has $12.25 Million Stake in Northern Trust Corporation (NTRS)

    Aperio Group LLC Has $12.25 Million Stake in Northern Trust Corporation (NTRS)

    Cookson Peirce And Communications Inc holds 1.3% of its portfolio in Northern Trust Corporation (NASDAQ:NTRS) for 105,345 shares. This buyback authorization authorizes the asset manager to repurchase up to 3.4% of its shares through open market purchases.
    Gerrard admits Liverpool 'need a player like Matic'

    Gerrard admits Liverpool 'need a player like Matic'

    I've been practising free-kicks but I didn't think the senior players would let me take it. "Trent's going to be a beauty", was Gerrard's assessment of his fellow Liverpudlian.