Asian Markets Slumped amid Concerns Over Trump Presidency

Share markets across Asia Pacific region have slumped amid growing concerns over Trump presidency’s ability to deliver reforms.

Wall Street recorded its largest decline in five months, with Japan and Australia experiencing some of the worst drops post-US election.

ASX200 slipped by 1.6 per cent to 5,685 points, with the banking and mining industries as the biggest losers. In banking, NAB fell 1.6 per cent, while Macquarie lost 2.4 per cent and ANZ 2.6 per cent. In mining, Rio Tinto slumped by 2.6 per cent while BHP fell by 2.9 per cent and Fortescue 5.3 per cent.

The Australian dollar was also down 0.3 per cent to US76.65¢.

Nikkei fell 1.9 per cent as the Japanese yen strengthened against the US dollar to 111.63.

US President Donald Trump has continued to receive negative media feedback, with the latest being the Wall Street Journal’s editorial op-ed that criticized the president’s ability to maintain trust and warned, “if he doesn’t show more respect for the truth most Americans may conclude he’s a fake President.”