Global stock markets bear the brunt of Trump turmoil

May 18, 2017, 8:11 AM EDT
(Source: Ken Teegardin/flickr)
(Source: Ken Teegardin/flickr)

An escalating political turmoil in the U.S. triggered a sharp fall in the American stock market, with its ripples felt in main Asian shares as well on Thursday. Analysts attributed the slide to the notion that U.S. President Donald Trump would fail to deliver tax and regulatory reform amid political firestorm that resulted after firing of ex-FBI chief James Comey.

Wall Street’s three main indexes suffered an erosion of about 1.7 percent while Japan’s Nikkei, South Korea’s Kospi, and Australia’s ASX went down between 0.9 and 1.3 percent during morning hours, writes the BBC.

The Trump effect also cast a cloud on currency market with the dollar giving away all the gains it made since the presidential election outcome, notes The Guardian.