Trump travel curbs weaken stocks and dollar versus yen

Equity markets fell across the world yesterday and the dollar slipped against the safe-haven yen after immigration curbs introduced by Donald Trump stirred concerns about the impact of the US President's policies on global trade and the economy. Stocks fell about one per cent on Wall Street and Europe after President Trump's executive orders on Friday to bar Syrian refugees and suspend travel to the United States from seven countries put the spotlight back on his protectionist bent. The dollar fell against the yen as investors sought the traditional security of the Japanese currency and gold edged higher amid the heightened political uncertainty. Spot gold rose 0.73 per cent to $1,197.10 an ounce, while the dollar slipped 1.03 per cent to 113.87 yen. The negative reaction to Mr Trump's orders put Wall Street's main indexes on course for their worst day in more than three months. The CBOE Volatility index rose 16.4 per cent from multi-year lows though the index, known as Wall Street's "fear gauge," only rose to a one-week high. Investor enthusiasm over expectations of a pro-business Trump agenda, especially tax and regulatory reform, had spurred a rally on equity markets, said...

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