Update: US market continues losing streak as 'Trump slump' intensifies

Sterling climbs to seven-week high

The US market opened the week lower, with the S&P 500 dropping 0.8% in early trading, as investors went into risk-off mode in response to US President Donald Trump's failure to pass his healthcare reform bill in Congress.

Opposition from his own party forced President Trump to withdraw his healthcare reform plan, placing further doubts on whether the President can implement many of his fiscal and tax cut promises, according to the Financial Times. On the news, the dollar fell by 0.7% against a basket of currencies on the back of Trump's failure to change Obama's Affordable Care Act. US markets were also hit, with the S&P 500 trading 0.8% lower at 2,325 points and the Dow Jones opening 0.7% lower at 20,452. Meanwhile, in the UK sterling surged 0.72% to $1.2564, a seven-week high, while against the eu...