Global stocks lower after Trump offers scant policy details
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KUALA LUMPUR, Malaysia — Global stocks mostly fell Thursday after President-elect Donald Trump offered scant details on policies during his news conference. Investors had been hoping for a clearer sense of his plans for trade and economic stimulus.
KEEPING SCORE: Germany's DAX was down 0.6
TRUMP NEWS: Trump's first news conference in nearly six months provided few details on his plans for infrastructure spending and tax reforms. Trump attacked U.S. intelligence services and big pharmaceutical companies, instead of outlining his platform.
THE QUOTE: "It is what he didn't mention - fiscal stimulus — that worries market participants. The U.S. dollar rally was based on the assumption that Trump's administration will push through a massive infrastructure building and fiscal stimulus package, which will lead to higher inflation in the future," said Margaret Yang Yan, a market analyst with CMC Markets in Singapore. "The slump in the U.S. dollar index last night indicated that assumption is now unwinding because the president-elect never even mentioned that key word 'stimulus'."
DRUG MAKERS: Health care stocks fell after Trump said new bidding procedures are needed to stem rises in drug costs. Takeda Pharmaceutical fell 2.6
ASIA'S DAY: Japan's benchmark Nikkei 225 dropped 1.2
ENERGY: Benchmark crude oil rebounded from early losses to rise 86 cents to $53.11 a barrel. It rose $1.43 in New York on Wednesday. Brent crude, which is used to price oil sold internationally, rose $1.02 to $56.13.
CURRENCIES: The dollar fell to 114.31 yen from 115.43 yen on Wednesday. The euro rose to $1.0656 from $1.0576.