A stocks rally following Donald Trump’s US election win lost steam Tuesday as traders looked to consolidate recent gains, sending major indices lower on both sides of the Atlantic.
The euro hit a one-year low and the pound fell against the dollar, which has been invigorated by expectations that Trump’s trade policies could keep interest rates higher.
Wall Street’s main indices all closed lower after having racked up huge gains in the days following Trump’s victory and Republican gains in Congress.
“We got a significant run,” Art Hogan from B. Riley Wealth Management told AFP. “After a run like that in such a short period of time, it’s not surprising for markets to take a breather.”
Hefty losses
Leading European and Asian markets closed the day with hefty losses, with both Frankfurt and Paris falling more than two percent and Hong Kong …