JOHN AUTHERS: January the 26th is in the books here on Wall Street. Here's the New York minute. And given all the political noise, it's been a remarkably quiet day on stock markets and also on bond markets across the world.
Now let's get to the political noise. This is what's happened to the peso against the dollar since Donald Trump took office last week. A quite remarkable series of events, whether you call it a Mexican telenovela or a Mexican standoff, we have a very bad juncture for US-Mexican relations.
As you can see the Mexican peso has started to weaken since the meeting between Presidents Pena Nieto and Trump was cancelled and with the contradictory reports about whether we're going to see a 20% tax on Mexican imports.
Over in Europe, note that political risk is seeping in both to the French market-- this is the spread of French bonds over German. And also in Italy, this is the spread of Italian bond yields over Spanish.
Meanwhile, one piece of good news, this is the Nikkei 225 in dollar terms. It's at its highest level in 17 years. Japan, people think, is going to benefit from the Trump trade. And that's the New York minute.