Trump's health care retreat weighs on global stocks

LONDON (AP) — President Donald Trump's failure to reform U.S. health care, his first legislative setback since entering the White House in January, weighed on global stock markets Monday, with many investors cautious about his ability to deliver on other campaign promises, such as tax cuts and big infrastructure spending.

Analysts said the failure of Republicans in the House of Representatives to repeal Barack Obama's health care reforms raised questions about the prospect of Trump's pro-growth agenda from taxes to infrastructure to the budget.

ANALYST'S VIEWPOINT: "The problem for markets is two-fold, with the inability to pass the health care reforms meaning any tax cuts will be diminished, while markets are now left wondering whether the president's lack of support in Congress will make his tax cuts hard to pass in any form," said Joshua Mahony, market analyst at IG.

The U.S. currency has borne a large brunt of those concerns with the dollar index falling to its lowest level since the immediate aftermath of Trump's election victory last November.