White House Rumors: Why a Gary Cohn Resignation Is Worrying Everyone

19 August, 2017, 05:25 | Author: Regina Lloyd
  • Investors were rattled over rumours regarding Economic Adviser Gary Cohn's future

Cisco Systems shares fell four per cent, while Walmart was down 1.6 per cent after the retailer reported a drop in margins due to continued price cuts and e-commerce investments. 3M shares sunk 1.24 percent.

"These last few weeks of August; there are lot of people on vacation, so markets are not almost as liquid as they usually are", said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio. Meanwhile, a Federal Reserve report showed manufacturing output fell 0.1 percent in July. London's benchmark FTSE 100 index dropped 0.6 per cent to 7,343.65 points compared with the close on Thursday. The attack follows the one in Barcelona on Thursday where suspected Islamist militant drove a van into crowds, killing 13 people and wounding scores of others.

National Economic Council Director Gary Cohn, who is Jewish, was also said to be offended by the president's reaction to the violence in Charlottesville, while new chief of staff John Kelly was disappointed by the president's attempt to equate neo-Nazis and counterprotesters.

If Cohn were to depart it would likely send shockwaves in the markets as tax reform and the new infrastructure plan would be put in serious jeopardy. Schwarzman organised a call on Wednesday for member executives to voice concerns after Trump's comments, and an overwhelming majority backed disbanding the council, two sources said. Meanwhile, the terror news was a reminder that geopolitical risks remain a threat, with nerves still raw after last week's escalation of tensions on the Korean peninsula.

Whether you agree or disagree with Trump's handling of the deadly episode, he's the one who elevated this into a political furor.

Still, some investors said the selloff is a temporary development. Strengthening in the domestic economy prompted the central bank to raise interest rates in July for the first time in almost seven years. Gold and tin were among the best-performing metals, and zinc traded near a 10-year high. With the steep drop, the index fell to a five-month closing low.




Dow Jones closed down by 0.35 percent, S&P 500 ended down by 0.19 percent, Nasdaq finished the day down by 0.09 percent.

But the euro later strengthened as the greenback declined. The Japanese yen strengthened 0.10 percent versus the greenback at 109.30 per dollar. Economists had expected production to rise by 0.3 percent.

The blue-chip CSI300 index rose 0.5 per cent, to 3,721.28, while the Shanghai Composite Index gained 0.7 per cent to 3,268.43 points. The local currency was little changed at 56.61 British pence from 56.78 pence.

Primary Health Care rallied 2.8 percent despite the company reporting a full-year loss, reflecting impairment charges related to its medical centers business.

Tokyo was also more than one percent down by the break, as the Nikkei also struggled in the face of the renewed strength of the yen against the greenback. One-year interest rate swaps have fallen almost 8 basis points from a one-year high hit in late June to 26 basis points on Friday, indicating dwindling rate expectations.

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