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Investors flee stocks for bonds, gold as U.S. tax cut hopes fade

August 18
13:44 2017

LONDON (Reuters) – World stocks were set for a second day of losses on Friday after an exodus of U.S. executives from presidential business councils dealt a fresh blow to hopes of tax reform, hammering Wall Street and filtering through to Asia and Europe.

Investors fled instead into German and U.S. Treasury bonds and bought gold for the third day in a row, as the appeal of such top-notch assets grew further due to a deadly attack that killed at least 13 people in Barcelona.

Markets have been dismayed by U.S. President Donald Trump’s latest controversial comments on violence that flared in Charlottesville, Virginia, after a white nationalist protest.

Several business leaders have since resigned from his advisory councils and a White House official said plans for a council on infrastructure had been dropped.

Continue Reading at Reuters

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