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After being resilient for most of the day despite weaker European markets, US stocks finally surrendered to bears towards the close, following a press conference of Tillerson who saw him appear both exhausted and shaken by emotions. This provided more evidence of the chaos reigning at the White House and of an accelerating trend to fire or let experts in their respective fields escape to the benefit of ideologists close to the thinking of the US President who are unlikely to contradict him as he starts to focus on mid-term elections. This is of poor omen ahead of key international negotiations on the economic and geopolitical front and one that paves the way for more confrontation, possible military escalation and certainly less diplomacy. These developments are likely to be toxic for risk appetite. 

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