Opinion | If the noose is tightening around Donald Trump, should investors be worried?

Stock markets woke up on Wednesday to what was touted as heady legal news. President Donald Trump’s former personal lawyer, Michael Cohen , had pleaded guilty to violating campaign laws (among other things), saying he paid pre-election hush money to a woman who claims to have had an affair with Trump.

At about the same time, news came through that a jury in Virginia had convicted former Trump campaign manager Paul Manafort on bank and tax fraud charges. Could the noose be tightening around the president himself – and how does that affect our money?

In politics, junior staff always take the rap for their seniors. It is part of the process to protect the centre. The system is like an onion and opponents have to work through the lesser fry and usually fail or give up before reaching the main man (or, in Theresa May’s case , woman). Despite the excitement in Washington, the trials themselves do not directly impinge on Trump except for the fact that Cohen seems to be relying on the “he made me do it” defence.