US: Comey testimony in focus – RBC CM

Former FBI director Comey testifies to the Senate Intelligence Committee starting at 10am ET today and will be a key event in today’s US session suggests the research team at RBC Capital Markets.

Key Quotes

“While excitement was high (given Comey’s history in giving jawdropping testimony), his prepared remarks released last night show that he is not set to accuse the president of pressuring him to drop the Russia investigation (interpreting Trump’s request as referring to Flynn alone). Though that raises questions, it is less damaging than a request to lay off the whole investigation. Markets will be watching the Q&A closely, but equities already appear to have decided the testimony is unlikely to shock.”