Global Weekly: Troubles for Trump

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In the US, political turmoil around President Donald Trump continued and his tax reform plans seem further away than ever. As a result, financial markets declined.

Equity markets
This week, the equity market suffered its worst days in eight months. The S&P Index as well as the European Stoxx 600 Index lost around 2%. The New York Times reported that a memo from fired FBI Director James Comey revealed that US President Donald Trump had asked Comey to stop the FBI’s investigation into National Security Advisor Michael Flynn’s ties to Russia. If this is true, Trump could face difficult times, as the president is not allowed to obstruct these kind of investigations.

The likelihood of this scenario is hard to assess. In the meantime, however, Trump will be distracted from important key topics such as tax reforms and infrastructure investments.

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