READ MORE: Trump says he\u2019s firing Federal Reserve Governor Lisa Cook. She says she won\u2019t resign<\/a><\/p>\nFutures for the Nasdaq, Dow Jones Industrial Average and S&P 500 all inched down about 0.1% before the bell Tuesday. All three swung notably lower after Trump said in a post Monday that he was removing Cook because of allegations of mortgage fraud by his appointee that heads the agency regulating mortgage giants Fannie Mae and Freddie Mac.<\/p>\n
It\u2019s an unprecedented action that suggests a sharp escalation in Trump\u2019s battle to exert greater control over what has long been considered an institution independent from day-to-day politics. Apart from potentially rattling financial markets, it is likely to touch off an extensive legal battle that will probably go to the Supreme Court. Cook said that she does not intend to step down.<\/p>\n
\u201cTrump\u2019s decision to remove a sitting Fed governor has shaken confidence in the institution that underpins the world\u2019s financial system,\u201d Nigel Green of the financial advisory deVere Group, said in a commentary.<\/p>\n
Most markets overseas declined significantly after Trump\u2019s announcement.<\/p>\n
Germany\u2019s DAX lost 0.3%, while the CAC 40 in Paris slumped 1.4%. Britain\u2019s FTSE 100 gave up 0.5%.
Trump has repeatedly attacked the Fed\u2019s chair, Jerome Powell, for not cutting its short-term interest rate, and even threatened to fire him.<\/p>\n
Wall Street is still overwhelmingly betting that the Fed will cut interest rates at its next meeting in September. Traders see an 84% chance that the central bank will trim its benchmark rate by a quarter of a percentage point, according to data from CME Group.<\/p>\n
In Asian trading, most benchmarks declined.<\/p>\n
Japan\u2019s benchmark Nikkei 225 dove nearly 1.0% to finish at 42,394.40. Australia\u2019s S&P\/ASX 200 declined 0.4% to 8,935.60.<\/p>\n
South Korea\u2019s Kospi lost 1.0% to 3,179.36 after data showed improved consumer sentiment, strengthening expectations that the central bank won\u2019t lower interest rates.<\/p>\n
Hong Kong\u2019s Hang Seng shed 1.2% to 25,524.92, while the Shanghai Composite slipped 0.4% to 3,868.38.<\/p>\n
In corporate news, Boeing shares were little changed after Korean Air has announced a $50 billion deal to buy more than 100 aircraft from the troubled aerospace manufacturer. The deal includes 19 spare engines and a 20-year maintenance contract.<\/p>\n
Benchmark U.S. crude lost $1.09 to $63.71 a barrel. Oil prices are down 8% this month and nearly 14% since the beginning of the summer. That\u2019s due to a combination of production increases by OPEC and the summer travel season winding down.<\/p>\n
Brent crude, the international standard, declined $1.02 to $67.20 a barrel.<\/p>\n
The U.S. dollar edged down to 147.55 Japanese yen from 147.77 yen. The euro rose to $1.1647 from $1.1620.<\/p>\n
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