Gross: There is no new Trump bull market in the offing

Warns investors must 'drive with caution'

Populism has "taken a wrong turn" in America, according to Janus Capital's Bill Gross, who believes Donald Trump's victory in the US Presidential Election does not spell good news for stockmarkets.

In his latest investment update, fixed income manager Gross (pictured) said he believes voters were misled in their support for Trump and misinterpreted his policies. He forecast Trump's tenure would be damaging for unemployed and low-paid voters, who were a key demographic for the Trump campaign., suggesting he is unlikely to stay on for another term once he has served four years.  The manager said: "His tenure will be a short four years but is likely to be a damaging one for jobless and low-wage American voters. "...