The Business Times
business-time-50
THE BOTTOM LINE

The death of the Trump trade

Investor backlash against US markets appears to be real

Summarise
google-preferred-sourceAdd BT as a preferred source
阅读简体中文版 (beta)
    • The US’ benchmark S&P 500 index is now slightly negative on the year, bobbing tediously higher and lower in an unusually tight range since late December 2025.
    • The US’ benchmark S&P 500 index is now slightly negative on the year, bobbing tediously higher and lower in an unusually tight range since late December 2025. PHOTO: REUTERS

    Katie Martin

    Published Wed, Feb 25, 2026 · 06:49 PM

    [NEW YORK] US President Donald Trump’s trade is dead. Long live the anti-Trump trade. Wherever you look in financial markets, you see signs that global investors are going out of their way to avoid Trump’s America.

    Fund managers are not feeling miserable – far from it. Levels of general enthusiasm for riskier assets are roughly the same now as they were immediately after the president won re-election at the end of 2024, judging from investor surveys.

    But the source of that enthusiasm, and how it manifests in markets, has flipped.

    The Bottom LineUnited StatesFinancial marketsS&P 500MSCIStocks

    TRENDING NOW

    (From left) Dushan county’s ambitious Shuisi Building project and an unfinished, full-scale replica of the Titanic in Daying county.

    Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind

    David Rubenstein, co-founder and co-chairman of The Carlyle Group, warns against “just trying to do deals for the purpose of doing deals, as opposed to getting high rates of return”.

    Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    Analysts believe the initial oil supply shock has already been discounted by investors, including in the Singapore market.

    US-Iran peace deal: S-Reits, aviation stocks, developers on investors’ radar as potential winners

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More