Fresh concerns around trade wars weighed on US equity markets - Dow down -249-points or -1.00%, with Boeing Co (down -2.5%) sinking for a third straight session and pacing the falls of 25 of the 30 index constituents as sectors to advance. Materials (down -1.32%0, Consumer Staples (-1.27%) and Financials (-1.20%) led the declines. The technology-centric NASDAQ slipped -0.19%. President Trump has appointed Larry Kudlow as the new director of the National Economic Council, succeeding Gary Cohn. In his first public interview since being offered the role Kudlow had some harsh rhetoric for China - "A thought that I have is the United States could lead a coalition of large trading partners and allies against China, or to let China know that they're breaking the rules left and right. That's the way I'd like to see. You call it a sort of a trade coalition of the willing." Kudlow did say that he was opposed to "blanket tariffs", saying that didn't think "you should punish your friends to try and punish your enemies in international affairs." Kudlow also reiterated his preference for a strong US dollar.
