Stocks falter, bonds rise on Trump troubles
The dollar broke its five-day losing streak, which helped deliver a reprieve for emerging-market stocks
London — Stocks faltered and bonds rose on Wednesday as US President Donald Trump’s political position was threatened by the criminal convictions of two former advisers, while the dollar steadied after five consecutive days of losses. S&P 500 futures turned lower as markets digested the conviction of Trump’s former campaign chairman on eight counts of financial wrongdoing and a guilty plea by his former personal lawyer, in separate cases. While the immediate market reaction was not large, the developments represented further uncertainty over Trump’s leadership for investors to navigate. US bond yields dropped as investors sought safety in treasuries, and a dip in S&P 500 futures spread to European shares, which opened lower. US 10-year yields were trading at 2.8297%, compared with Tuesday’s close of 2.844%. "Trump has weathered quite a few allegations before this, where many people were quick with the ‘I’ word (impeachment), so we need to see whether this could open a new chapter or...
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