The Trump bump for shares is dented – but watch where the oil price goes | Nils Pratley

US and UK markets fell as investors grew impatient with the president's policies, but lower oil prices could also have a political impact

Let's be fair to President Trump: the "worst falls" in stock markets since his election last November require perspective. The Dow Jones Industrial Average, which passed the 20,000 mark only in January, was approaching 21,000 before Tuesday's decline that continued into Wednesday. The previous pace couldn't have been sustained for ever. Stock markets rarely run in straight lines, especially when the US Federal Reserve has raised rates twice in three months.

It's a similar story in the UK. Just as the Dow remains above 20,000, so the FTSE 100 index closed on Wednesday 300 points above the 7,000 mark, which it last passed around Christmas time. The Trump bump to share prices has merely received a dent, which was to be expected.