For a moment last week, President Donald Trump regained his ability to genuinely surprise the market.

Jaws dropped, as did markets, as President Trump delivered his classic reality-TV “you’re fired” line to FBI chief James Comey.

Business soon returned to normal, or whatever normal is these days.

However, a wariness remains, particularly given all markets around the world are, as they say, “fully priced”.

News in the middle of Friday’s session that investigators were looking at “a person of interest” in the White House in relation to dealings with Russia, halted Wall Street’s momentum and halved the day’s gains.

Despite the US being the epicentre of the latest conniption, Wall Street was the least affected of the big markets, falling just 0.4 per cent over the week.

Eurozone shares were down more than 1 per cent, Japan fell 1.5 per cent, while China, oblivious to the weirdness of celebrity politics, nailed a solid gain.

Australia took one of the biggest drubbings, down almost 2 per cent, although a big part of that was a retreat from the banks. The financial sector was down 3.6 per cent.

Futures trading on the ASX over the weekend, points to a brighter start, up 0.5 per cent.

There is still genuine concern that the Trump administration is sinking into the same Washington swamp it promised to drain — and with it would go the pro-market agenda of corporate tax cuts, bank deregulation and infrastructure spending.

However, it is perhaps somewhat simplistic to tie all the gyrations to the so-called “Trump trade” or the more recently fashionable, “Trump fade”.

AMP Capital’s Shane Oliver certainly thinks so.

“First, the main reason for the rally in shares since last November has been the improvement in economic conditions and surging profits that has occurred globally and not just in the US and…