Markets wait with baited breath ahead of a delayed vote on President Donald Trump's healthcare bill. As Ivor Bennett reports, it's being seen as a key test for the new administration - with some seeing stock markets as ready for a pullback if it fails.
He maybe at the wheel, but steering clearly isn't easy. Donald Trump's frustration at the roadblocks put up by his own party resulting in an ultimatum Back the healthcare bill - or Obamacare will stay put. SOUNDBITE (English) NICK PARSONS, GLOBAL HEAD FX STRATEGY, NATIONAL AUSTRALIA BANK, SAYING: "It is a very high stakes gamble. Nobody, not even the president himself, can have any certainty as to which way the vote might go. And it's understandable against that background that investors are simply choosing to wait and see." The waiting's not without trepidation. The vote is seen as watershed moment for the Trump administration. If he can't muster support for what is a key campaign pledge, what hope is there for the policies Wall Street really cares about? Tax cuts and fiscal stimulus. The doubts gave stocks their worst one day performance since the election earlier this week. A sign there could be bigger falls to come if the bill is rejected. SOUNDBITE (English) NICK PARSONS, GLOBAL HEAD FX STRATEGY, NATIONAL AUSTRALIA BANK, SAYING: "As long as the market was going up it creates its own internal dynamic. But an outsize movement such as that which we saw on tuesday, Wednesday this week, is itself going to breed more caution. And I think the market is in a much less strong technical position to be able to withstand any bad news." And on that front, there could be more to come. The Trump administration said to be preparing new executive orders that'll re-examine all 14 U.S. free trade agreements. Protectionism one pledge that's not in doubt.