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Investors Cautious Ahead of Trump Speech

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Investors adopted a cautious tone at the end of a positive week for global stocks ahead of a major speech from U.S. President Donald Trump. Raw-materials shares slumped, while gold headed for a fourth weekly increase.

The dollar was lower against most major currencies after weakening Thursday on Treasury Secretary Steven Mnuchin’s statement that fiscal stimulus effects on the economy this year may be limited. European shares slid amid corporate earnings, while Tokyo shares dropped even as the yen retreated after a two-day gain. Commodity producers dragged equities lower after iron ore tumbled. Oil pared a weekly gain.

A fifth weekly advance for global equities that’s helped push their value above $70 trillion is losing momentum as money managers grapple with political uncertainty and the Federal Reserve’s schedule for lifting borrowing costs. Markets from stocks to currencies have been subject to fluctuations as investors hang on each word from central bank officials and politicians.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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