|Data for week commencing 16 January|
With two and a half hours to trade, the Dow Jones index was up 75 points. It’s not a ringing endorsement of the 45th President of the USA and while I was looking to see if good or bad Donald Trump showed up for the inauguration speech, it looks like a slightly good but still somewhat bad version took the oath in Washington this morning.
CNBC led with the headline: “Stocks cut gains as President Trump takes protectionist tone in speech.” That says it all. Bad Donald was going to be excessively protectionist in his speech, while good Donald would rely heavily on tax cuts, infrastructure spending and less financial institution regulation.
However, if US stock markets end up in positive territory by 8am our time, it will be because the key drivers of equities agree with JPMorgan’s CEO Jamie Dimon, who says the Trump presidency is a “moment of opportunity.”