Larry Fink, the head of BlackRock, the world’s largest asset manager, seemed to concur with Trump when, according to Bloomberg, he told an audience in Washington, DC, on Wednesday night that the strong dollar was one reason for slow economic growth. But the direction of the US economy and monetary policy all point to a strengthening dollar and limit how much Trump can talk down the greenback, said Alan Ruskin, the head of G-10 FX strategy at Deutsche Bank. “Jawboning only has a sustained reaction if it is pushing on an open door, i.e. in the current example, if fundamentals were already pointing toward USD weakness, which they are not,” Ruskin said in a note on Wednesday. The best thing about a strong dollar is that it sounds good, Trump said in the Journal interview. It also makes international travel and shopping cheaper for Americans. But it also makes US exports less competitive, because countries can opt for goods that are denominated in cheaper currencies. And that’s Trump’s main issue with the strong dollar. The US dollar index, which measures it against a basket of other currencies, slid after Trump’s remarks. Ruskin said any dollar weakness because of Trump’s comments was likely to be temporary. And if good economic data continues to push the Federal Reserve to raise interest rates, that only helps the dollar, he added.
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ET The Biggest Loser: Cardinal Health Tumbles 12% By Ben Levisohn Cardinal Health ( CAH ) tumbled to the bottom of the S&P 500 today after agreeing to buy Medtronics ( MDT ) medical supplies business for $6.1 billion and offering disappointing guidance . Getty Images Cardinal Healthdropped 12% to $72.39 at 4:30 p.m. today, while the S&P 500 declined 0.3% to 2,342.19. Medtronic finished little changed at $80.33. Leerinks David Larsen and Matt Dellelo argue that a great deal couldnt offset the dreary guidance: This morning CAH lowered FY17 expectations saying EPS is now expected to be at the low end of the guided range and the company announced an acquisition of Medtronics Patient Care, Deep Vein Thrombosis and Nutruitional Insufficiency businesses for $6.1B. Management also gave preliminary FY18 and FY19 guidance, where EPS is expected to be flat to down mid-single digits and up high single digits, respectively, both of which are below Street expectations. While the deal looks strategically and financially sensible, it is likely not enough to offset the ongoing generic deflation headwinds in Pharmaceutical. Cardinal Healths market capitalization fell to $22.8 billion today from $25.8 billion yesterday.
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