Rich investors are shunning stocks because of concerns about the political impact from Donald Trump’s administration and Brexit, according to Christian Nolting, chief investment officer at Deutsche Bank’s wealth management unit.

A mixed batch of earnings results gave investors little direction yesterday as traders began looking ahead to a packed schedule next week.

Wall Street dipped today as disappointing sales at Wal-Mart Stores, owners of Asda, chilled the retailing sector and eroded early gains following the weekend capture of fallen Iraqi leader Saddam Hussein.