Think Wednesday’s global stock market sell-off was the moment when investors finally realised that President Donald Trump’s agenda, if not his political career, is in jeopardy? Don’t be so sure, the emerging markets pioneer Mark Mobius has told MarketWatch.

“At the end of the day, you have to remember that all news is local,” Mobius, executive chairman of the Templeton Emerging Markets Group at Franklin Templeton Investments, said on the sidelines of the SkyBridge Alternatives, or SALT, hedge fund conference.