The start of the Trump 2.0 era has been positive for stock markets globally so far, unless they’re in Asia with exposure to China.

The “will he, won’t he” key question over trade tariffs has dominated sentiment so far this week.

The FTSE 100 hit a record high on Friday amid a growing anticipation that more UK interest rate cuts are on the way on the back of weak retail sales data for December.

That momentum for values continued past the inauguration until yesterday, when a pause for breath was taken.

The index was 0.3% down at 8,517 in early Thursday dealing.

Among the stock market fallers was AB Foods – the owner of Primark.

ABF reported a 6% decline in comparable sales across its UK and Ireland Primark business over the quarter covering Christmas.

It said that while sales over the festive season itself were strong, they did not make up for a poor autumn that was knocked, ABF said, by weak consumer confidence and warm weather.

ABF shares were 1.5% lower at the open.

That decline was probably best explained by the company’s decision to downgrade annual Primark sales growth guidance.