Currency flux, diplomatic uncertainties and protests have continued to trail the immigration ban introduced by US President Donald Trump. In New York, strong protests from angry New Yorkers continued on Monday against the ban. New York prides itself as home to all and for all which the protesters say is the bedrock of the foundation of the United States and the values bequeathed to them by the founding fathers.
In the UK, protesters have said No to a proposed Trump visit which they fear may be an occasion for the US president to embarrass the Queen.
Shares fell in Europe and Asia on Monday and the dollar dipped against the safe-haven yen after immigration curbs introduced by Trump added an extra layer of uncertainty to the economic impact of the new U.S. president’s policies.
Wall Street appeared headed for a weaker opening, with e-mini futures contracts on the S&P 500 down 0.3 percent.
The euro fell to an 11-day low against the dollar and German government bond yields pared gains after German inflation in January came in slightly below forecast, easing pressure on the European Central Bank to unwind its stimulus program.
Trump suspended travel to the United States from Syria, Iraq, Iran and four other countries on national security grounds. The executive order, signed on Friday, triggered huge protests in U.S. cities and raised concern among some in markets over the potential impact of other policy moves.
“Concerns on protectionism appear to be rising after President Trump’s executive order to restrict immigration,” said Adam Cole, head of G10 foreign exchange strategy with RBC in London.
The pan-European STOXX 600 index dropped 0.6 percent, led by a 2 percent fall in euro zone banks and drops in commodity related stocks.
UniCredit shares fell nearly 6 percent after the Italian bank said its end-2016 capital ratios would not meet European Central bank requirements as it prepares to launch a 13 billion euro ($13.9 billion) rights issue.
Meanwhile, the U.S. embassy in Berlin said on its Facebook page on Monday that visa issuance had been suspended to nationals, or dual nationals, of Iraq, Iran, Libya, Somalia, Sudan, Syria and Yemen.
“Per U.S. Presidential Executive Order signed on January 27, 2017, visa issuance to aliens from the countries of Iraq, Iran, Libya, Somalia, Sudan, Syria and Yemen has been suspended effective immediately until further notification,” it said.
“If you are a national, or dual national, of one of these countries, please do not schedule a visa appointment or pay any visa fees at this time,” the embassy added.
