Stocks pause ‘after the Trump romp’

Stock markets have taken a breather while bond yields rose, as traders assessed the likely speed of US rate hikes under Donald Trump’s White House and awaited clues to future policies from the choices for his new cabinet team.

Sterling rose against the euro to 85.79p, helping relieve some of the pressure on firms here exporting across the Irish Sea. Sterling has now strengthened from around 89p on the eve of the US elections last week.

Speculation that the new White House team could include billionaire financier Wilbur Ross, who turns 79 this month, could become president Trump’s new commerce secretary.