It looks as if 5 minutes in the past that America’s stockmarket was the one recreation on the town. Costs had been breaking information each different week; rivals all over the world had been left behind. Now buyers’ religion within the nation’s exceptionalism has been shaken by a deteriorating outlook for financial progress and Donald Trump’s erratic protectionism (see chart 1). Traders are subsequently much less prepared to pay far increased multiples of underlying earnings for shares in American corporations than for these listed elsewhere, a call that had been justified by fatter revenue margins and stronger progress prospects.