Stocks, Dollar Dip as Metals Rise

Shares in developed markets fell with the dollar, lifting metals and Treasuries after President Donald Trump offered little more on plans to boost growth and stirred concerns over protectionism in his first days in office.

The Stoxx Europe 600 Index touched its lowest level this year, while U.S. futures slid and the dollar fell against all major peers. The weaker currency pushed aluminum to the highest in more than a year, while 10-year Treasury yields fell a second day.

While the U.S. President’s campaign-trail promises to boost growth and spending helped drive a post-election rally in equities and the dollar, by Monday, investors were calling into question how words would be translated into actions. So far, Trump has focused on a feud with the press over attendance at his inauguration rather than offer concrete plans, leaving investors in limbo.

“There wasn’t enough about fiscal policy, tax cuts and infrastructure spending in President Trump’s inauguration speech on Friday,” said Kit Juckes, global strategist at Societe Generale SA in London. “Instead, the message was combative, protectionist and isolationist.”

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