Making sense of Trump's U-turns
LAST week's column discussed the likelihood that markets would trade within narrow ranges (and likely come under some pressure) because of heightened geopolitical risks. As it turned out, this was exactly the case as investors waited to see what might transpire in the Korean peninsula, where the sabre-rattling from the North has been rising in magnitude after the United States despatched aircraft carriers to the region.
As noted last week, the problem facing investors is that relying on politics to set market direction is a difficult and dirty business, with what goes on behind the scenes perhaps carrying even more weight than what plays out in public.
Making matters worse is US President Donald Trump's U-turns on various campaign promises that are puzzling markets and adding to uncertainty.
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