Morgans AM: Thursday 18 May 2017

Morgans Financial Limited

US equity markets fell sharply, jolted by a series of damaging revelations around President Trump including allegations that he disclosed classified information to Russian officials and reports that he pressed former Federal Bureau of Investigation (FBI) Director James Comey to drop a probe into former National Security Adviser Michael Flynn - Dow tumbled -373-points or -1.78% and the broader S&P500 -1.82% (it's worst one-day fall since September 9, with the Financial sector down -3.1% heading the declines). The technology-centric NASDAQ slumped -2.57%, its steepest single-session decline since the day after Britain voted to exit the European Union (June 24, 2016). Former FBI Director Comey is set to address a congressional committee on Wednesday next week (May 24) hence there may be a few more days uncertainty yet. I note one investment bank has - perhaps prematurely - coined the phrase "James and the Giant Impeachment" to describe unfolding events in Washington.