How much longer can Wall St bank on Trump reflation?

A BIG part of the reflation play that engulfed markets since last November's US presidential election was that a pro-business president in the shape of Donald Trump would be good for stocks. Such has been the pervasiveness of this conviction that Wall Street has been willing to forgive Mr Trump's inability over the past nine months to push through his No 1 election promise, which was healthcare reform - the excuse being that revamping healthcare is very complex and was bound to be difficult in the first place.

When it comes to the Budget, approval is seen as being fairly routine, so gaining congressional endorsement for large tax cuts and spending increases is not expected to pose too much of a problem - hence the reflation play.

The US market has also been willing to overlook the ever-widening investigation into Russian meddling in the elections even if this could lead to criminal charges, the constant staff upheaval in the White House and the president's bizarre tweets, many of which have been inaccurate and ill-conceived.