Trump’s spending pledges will disappoint, say investors

Investors are increasingly doubtful that US president Donald Trump will make good on certain spending promises, fuelling expectations that the country’s stock market is set for a fall. A key pillar of Trump’s fiscal pledges is a public-spending plan focusing on infrastructure. Ronald Wuijster, CIO of Dutch pension fund manager APG, questioned whether this would materialise. And, even if it does, he suggested America’s other sluggish fundamental drivers could mute its impact. “Th…