Yesterday European equities opened with a risk off tone following news that Gary Cohn would resign as President Trump’s top economic adviser. The risk off theme continued for most of the day, but news from the White House just after 6.00 pm, that there is a potential for tariffs exemptions based on national security, has triggered a reversal on the risk off moves. US equities paired back earlier losses, with the Dow closing down just 0.33% having been 1.5% lower at one stage while the S&P closed flat. Meanwhile US Treasury yields are higher and the US Dollar gave back some of Tuesday’s gains.
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