LONDON Growing doubts U.S. President Donald Trump will be able to deliver on a promise of tax cuts that has powered stocks markets to record highs pushed shares lower on Wednesday & drove investors to seek safety in government debt, gold & the yen.
The dollar touched a four-month low against the Japanese currency, whose strength helped push Tokyo stocks to a three-week low, while the euro held close to its highest since early February at around $1.08.
Investors’ flight to safety pushed down U.S. Treasury yields & the gap between U.S. & German 10-year government borrowing costs hit its narrowest since November.
European shares opened lower after Asian shares suffered their biggest percentage daily fall since mid-December and, on Tuesday, the S&P 500 .SPX fell by more than 1 percent for the first time since Oct. 11.
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