The world’s financial markets are looking for direction, and their gaze remains focused on the actions of the U.S. President for clues. The markets are starting to look distinctly nervous, and it’s likely that, in the absence of an actual trend, this will continue. The Dow is shaking off negative news at the moment, but it appears to do so with less conviction each time some negative news is revealed. Whilst it’s too early to say with any confidence that the bull run is over, what we are seeing is little more than day-trading within narrow confines. Prudent investors will doubtless be thinning out their portfolios on any rally in anticipation of the opportunity to reduce their risk profile, as well as improve their cost price on retained assets. Donald Trump’s most recent protectionist threats of tariffs are once again an example of an elected politician fulfilling his campaign promises, (an event apparently so rare that it retains the capacity to take people by surprise), but a proportion of it at least should be viewed as smart negotiating tactics, and an object lesson the to UK in their Brexit discussions with the EU.