White House Rumors: Why a Gary Cohn Resignation Is Worrying Everyone

White House Rumors: Why a Gary Cohn Resignation Is Worrying Everyone

White House Rumors: Why a Gary Cohn Resignation Is Worrying Everyone

US indexes fell across the board mid-week as President Trump dissolved two advisory councils after CEOs began an exodus after his comments on the rally. The attack follows the one in Barcelona on Thursday where suspected Islamist militant drove a van into crowds, killing 13 people and wounding scores of others. The tech heavy Nasdaq composite fell 1.9 percent. Reports in early this morning of terror attacks in Barcelona are likely to impact sentiment on local markets, with futures dropping in the wake of the news.

Overnight, Wall Street's major indexes slumped between 1.2 percent and 1.9 percent.

The S&P 500 volatility index, known unofficially as the "fear index", surged 32.5 percent.

"The hope and expectation, in terms of President Trump being a business president was around policy issues that there was some hope he would focus on - tax policy, transportation infrastructure investment, policies and initiatives that would contribute to economic growth", said Jim Rooney, chief executive of the Greater Boston Chamber of Commerce.

Trump on Thursday decried the removal of pro-slavery Civil War Confederacy monuments, which have fuelled US racial tensions, stoking worries that some of his key policy staffers and aides may quit.

The political rancor resulting from President Trump's comments on last weekend's events in Charlottesville are not driving White House economic adviser Gary Cohn out of the Administration.

A statement from the White House that Cohn intends to remain in his position calmed markets only briefly before selling resumed.

Trump's favorability rating falls in three key states he won in 2016
Some 60% of voters in all three states said they believe the US' role on the worldwide stage has been weakened by Trump. Wisconsin: 56 percent disapprove, including 42 percent strongly, compared to 34 percent approval (17 percent strongly).

Saudi coalition attacks killed children in Yemen — UN chief
Close to 2,000 Yemenis have also died of cholera since April and another 600,000 are expected to contract the infection this year.

US, South Korean defence chiefs to meet this month - Pentagon
He urged the North to halt its efforts to develop a nuclear-tipped weapon that could reach the US mainland. South Korea is still technically at war with the North, despite a cessation of hostilities 64 years ago.

Cohn is considered among the more moderate voices in Trump's White House.

The U.S. dollar bought 109.30 Japanese yen, lower than 109.69 yen of the previous session.

The dollar index, which measures the greenback against six major peers, was down 0.17 percent at 93.462 in late trading.

In the Eurozone, news from the European Central Bank's latest meeting minutes resulted in a Euro sell off when it became clear that the governing council is concerned about repricing the Euro and a possible overshoot. It reached session high at 1.2893 and dropped to session low at 1.2830 levels.

On Thursday, the U.S. S&P 500 slid 1.5 percent for its biggest daily percentage drop in three months. It is on track for a 2.15 percent decline for the week. "These last few weeks of August; there are lot of people on vacation, so markets are not almost as liquid as they usually are", said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio.

Gold, seen as a safe haven by investors, jumped 0.4pc to $1,288.68 an ounce.

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