How will the markets react to Trump's upcoming talks?

This week NATO meets. Mr Trump will want more progress with increasing spending by European allies. Many of them are still well below the 2% of GDP minimum spend they are asked to achieve to contribute to collective security. NATO will argue that members together have been increasing their spending in real terms since 2015, and have in place plans to raise it further. Markets will watch to see how far Mr Trump pushes his case, and whether he follows up on a suggestion that if a country does not meet the target it cannot rely on the NATO guarantee of protection and support. This would be seen in Europe as an unfriendly attack on the European allies and seen by many in the USA as a logical way to ensure fairer burden sharing of the costs of defence. It is crucial to the continued success of the alliance that any doubts about the collective guarantee are cleared up.