Trump Presser Ends, Details Underwhelm: Gold Gains As Dollar, Dow, & Drug Stocks Drop

The USD Index whipsawed higher and lower as Trump teased and un-teased comments on trade policies, only to tumble to the day's lows by the end as details were missing and thus disappointed...

This rippled through risk assets, leaving gold higher, stocks lower, peso higher (after initial crashing), but idiocyncratic issues slammed drug stocks, and aircraft makers.

 

The Biotech battering is most notable so far... after Trump accused them of "getting away with murder" on pricing...

 

Bloomberg notes a few additional key takeaways from today's news conference:

  • President-elect Donald Trump for the first time conceded Russia was responsible for the hacking of the Democratic National Committee and Clinton aide Jon Podesta
  • Trump categorically denies allegations included in an unsubstantiated report released by BuzzFeed detailing compromising material allegedly gathered by Russian intelligence
  • Trump announces that his sons will run his businesses during his time in the White House, that the organization will not conduct new business abroad, and the appointment of an ethics review officer to prevent conflicts
  • bill to repeal and replace Obamacare simultaneously will be introduced by the White House once HHS Secretary nominee Tom Price is confirmed, Trump says.
  • Supreme Court nomination will come within two weeks of Trump taking office.

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