London — Growing doubts US President Donald Trump will be able to deliver on a promise of tax cuts that has powered stock markets to record highs pushed shares lower on Wednesday and drove investors to seek safety in government debt, gold and the yen. The dollar touched a four-month low against the Japanese currency, whose strength helped push Tokyo stocks to a three-week low, while the euro held close to its highest since early February at around $1.08. Investors’ flight to safety pushed down US treasury yields and the gap between US and German 10-year government borrowing costs hit its narrowest since November. European shares opened lower after Asian shares suffered their biggest percentage daily fall since mid-December and, on Tuesday, the S&P 500 fell by more than 1% for the first time since October 11. Waning risk appetite also hit commodities: Brent crude oil fell 20c to $50.76 a barrel, while copper fell 0.5% to $5.747/tonne. The main factor behind the sell-off in risky asse...
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