Asia markets slide following US slip

-Big week for USD-

Investors are braced for a heavy week in the US, with President Donald Trump expected to say whether he will replace Federal Reserve chief Janet Yellen, with the announcement likely by Friday before he embarks on an Asia tour.

Traders are also keeping a close eye on the release of the October jobs report on Friday.

News of the first indictments of the FBI investigation into Russia’s interference in the 2016 US presidential election has also sparked caution among investors.

“The scope of Special Prosecutor (Robert) Mueller’s investigation will likely widen. But at this stage, we have no idea if there’s a smoking gun or its all a tempest in a teapot,” said Stephen Innes, head of Asia-Pacific trading at OANDA.

There are fears the probe could potentially derail Trump’s tax cut plans which have boosted investor optimism.

A guilty plea by George Papadopoulos — a foreign policy advisor on Trump’s campaign — is seen as the sharpest evidence yet of possible collusion between the campaign and Russia.

AFP

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