Trump-Powell fallout sends risk assets lower
|Stocks head lower after UnitedHealth warning
“Dow heavy weight UnitedHealth threw traders a nasty prognosis for coming months in its earnings today, dragging the headline US index lower and precipitating a renewed selloff across markets this afternoon. The company’s warning about the outlook just piles on the uncertainty, a point reinforced by the IMF’s downgrade of the global outlook. Even talks between the US and Japan failed to stabilise sentiment, which remains vulnerable to any and all bad news.”
“As if all this wasn’t bad enough, the US president seemed to wake up in a mood, renewing his criticism of the Fed, and specifically of its chairman. Confidence in the US as a safe haven is battered, and signs of a spat between administration and central bank could drive more outflows from US assets.”
Oil prices rise again
“The US has imposed fresh sanctions on Iran, but arguably it is news of a hawkish Israeli push for action against Tehran that is driving the bigger move higher. It is far from clear that US-Iran talks will yield much of a result, and this countering the bearish view on oil driven by recession fears.”
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