The long honeymoon between Donald Trump and the financial markets appears to be over or, has at least, landed in some trouble in the first part of 2018. It is too early to call the movement seen in the last few weeks an inversion but it is clear even to non-experts that something has changed. The US indices, after long months of rallies and new records, have stopped their bullish impulse. Since January, the Dow Jones and S&P 500 haven't marked any new records and now that we are in early May, the indices sit less than 10% below their previous peak, so consequences do remain limited. The main story behind this is ... (full story)