Trump market slump hits Irish shares

New US border measures have left investors feeling cautious...

Trump market slump hits Irish shares

Branden Camp AP/Press Association Images

Global markets are in negative territory this morning as investors display caution following US President Donald Trump's executive order introducing new "extreme vetting" procedures.

The FTSE 100 in London has sunk to a 2017 low after dipping by as much as 60 points. Dublin's ISEQ is down by 53 points. Bank of Ireland and FBD were among the main movers on the Irish market.

Shares fell in Asia overnight, Japan’s Nikkei closed down by 0.5% - while the S&P/ASX in Australia lost close to 1%.

 

US markets are expected to fall when they open later today as the White House's move has created new uncertainties, and suggest that Mr Trump could follow-though on his plans to pursue protectionist economic policies.

Markets around the world have been rising since the businessman took office.

Last week the Dow passed 20,000 for the first time ever as Mr Trump's plans to deregulate business while pursuing expansionary economic policies had boosted investor confidence.

The newly elected leader faces a backlash from the tech community following his controversial measures to ban migrants from 7 states.

Hard line

Donald Trump has moved to defend his controversial executive order on immigration, saying it "is not about religion."

The order - which was signed on Friday - bans immigration from seven predominantly Muslim countries for 90 days.

It also indefinitely suspends the entry of Syrian refugees into the US, with the order claiming the entry of these refugees is "detrimental to the interests of the United States."