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1.Market Observations, 8.Was Sticky

24 Nov 2016 (AFR) – Are bonds threatening to rain on Donald Trump’s honeymoon? – Spending spree doubts threaten to curtail honeymoon

(24 November 2016, AFR, p30, by Karen Maley)

‘The euphoric Trump market honeymoon rolled on in Wall Street, lifting the blue-chip Dow Jones Industrial Average above the 19,000 level for the first time, while the S&P 500 breached 2200. Markets have been rallying strongly since Donald Trump’s surprise election victory as investors believe that his promises of big tax cuts, higher spending on infrastructure and less regulation will boost company profits. Overnight, all three US indexes – the Dow, the S&P and Nasdaq – closed at record highs for a second straight day.’ <snipped…>

‘But there is a threat to the sharemarket’s rapture – and it’s one that is already troubling the more level-headed players in the bond market: namely that Trump will struggle to deliver on some of his big-spending pledges.’

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