Trump Bump becomes a nasty jolt

Commentators have been worrying for some time that US equities have been unduly calm given the scandals emanating from the Trump White House and the backdrop of geopolitical turmoil. But last week, the market’s tranquillity was finally shattered by a “bombshell report on President Donald Trump’s interactions with former FBI director James Comey” that sent the Vix – the main measure of US market volatility – up the most since before the US election, says Bloomberg’s Oliver Renick. This so-called “fear gauge”, which measures how expensive it is to buy insurance against big market moves, jumped by 50% [...]