European shares and U.S. futures slid and the dollar weakened on the first full trading day since Donald Trump’s inauguration as investors awaited more details on his policies. Metals and Asian shares outside of Japan rose.

The Stoxx Europe 600 Index was at its lowest level this year, while U.S. futures slid after the underlying gauge rose Friday. The U.S. currency fell against its major peers and gold added to a four-week advance. Copper paced gains among industrial metals as the new U.S. president reiterated plans to rebuild infrastructure. Shares in mainland China and Taiwan climbed, while Japan’s Topix index fell as the yen strengthened.

Trump began work as U.S. president after saying he’d place American interests at the forefront of his agenda. His pro-growth campaign-trail pronouncements helped drive a rally in equities since November, while the dollar surged and bonds slumped. Some of those trades are unwinding this month as investors assess whether those moves had pushed prices too far, too fast. Money managers will be dissecting earnings from some of the world’s largest companies this week with Alphabet Inc., Samsung Electronics Co. and Alibaba Group Holding Ltd. all reporting results.

“Markets are now waiting for more evidence that Donald Trump will deliver on fiscal stimulus and deregulation,” said Shane Oliver, Sydney-based global investment strategist at AMP Capital Investors Ltd., which manages about $120 billion. “Shares remain vulnerable to a further correction or consolidation in the next month or so.”



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