Equities, particularly technological stocks, have rallied from last Friday’s settlement levels. The Nasdaq Composite Index has gained 2%, the S&P 500 index scaled its former summit yesterday. The US 10-year bond yield has retreated from 4.61% to 4.60%. The dollar has weakened, and its index has lost 1.1% of its value over the last five days.
Many markets and their practitioners seemed to have been under the illusion once Mr Trump's hand had been withdrawn from the Bible on Capitol Hill clarity would be revealed in whatever tariff path the US might now travel. But, along with many others, we have held a view that his first days of office will be a pathfinder for the next four years, with all mouthed intentions only becoming reality when that extravagant Presidential signature writes across the bottom of actual legislation.
This is the space where the latest developments on oil supply and demand, the general state of the energy sector, macro and microeconomic news and geopolitical events are detailed. In today’s note, this is the space where the exact same factors are viewed from the perspective of the inaugurated US President, Donald Trump. In his pugnacious address, he reversed many of his predecessor’s measures and policies.
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