Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal.
Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win.
The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal.
President-elect Donald Trump said Wednesday that he’s leaving his “great business in total in order to fully focus on running the country” in the White House.
The Manhattan billionaire made the announcement on Twitter and said he will hold a formal press conference to discuss it further on December 15.
His tweet said that “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my,” Trump wrote on social media, breaking his announcement up into multiple posts. “Great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ….do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
When it became clear that Donald Trump would win the US presidential election, markets initially turned very red, ironically the color of the Republican Party. The day after the election in the US, futures were down about 4%, the dollar lost about 2% and the oil price lost about 4%. Gold, in our opinion, was the only winner… Markets don’t like uncertainty and while there will certainly be winners and losers over the short term, it is too soon to determine any long-term effect. The price of risk is certainly going up, which we believe explained the majority of the fall.
The price of gold was expected to benefit from the surprise Trump win, and it did immediately after, with a jump towards the September high near 1340 dollars per ounce. The rally lasted just three hours, then the course reversed and the former downtrend resumed with a sharp fall below the 1250 mark.
Why, then, the sentiment that had pushed higher what is considered as a safe haven, turned to bearish so fast? The projected investments in infrastructure promised by Trump, sparked purchases of industrial metals, bonds yield went up, and so the dollar, not a friendly environment for gold.
FBI Director James Comey told lawmakers Sunday the agency hasn’t changed its opinion that Hillary Clinton should not face criminal charges after a review of new emails. The FBI found them as part of its separate investigation into a sexting incident by Anthony Weiner, the estranged husband of top Clinton aide Huma Abedin.
Mexico’s peso reached a six-week high in a signal that Hillary Clinton held on to her advantage over Donald Trump in the final U.S. presidential debate.
The currency was up by 0.2% at 18.4937 per dollar around 10:45 p.m. ET. Earlier, it drifted between little changed to down by as much as 0.2% as the two candidates spoke.
Japan’s Prime Minister Shinzo Abe called on the country’s parliament to ratify the Trans-Pacific Partnership (TPP) deal, signed in February, before other states. And Abe stressed the Parliament should approve the TPP treaty before the current session ends on Nov. 30.
"We could provide an impetus for the entry of this agreement into force by approving it in parliament faster than other countries," Abe said. He added Japan will help provide momentum to the TPP and help make it a reality by approving it in the Diet (Japanese parliament) ahead of other countries, according to the Kyodo news agency.
Donald Trump did business with Cuba, violating the US embargo during Fidel Castro’s presidency, Newsweek reported in a story, titled "The Castro Connection".
Trump Hotels & Casino Resorts paid at least $68,000 to a consulting firm, Seven Arrow, in late 1998 which went to Cuba and investigated possible business opportunities for Trump’s company, according to the Newsweek report.
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