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Scrutiny of the incoming US administration intensified on Wednesday. President-elect Donald Trump held his first formal press conference in New York and confirmation hearings for his cabinet choices continued in the Senate. There, the focus was on Rex Tillerson, the long-serving Exxon Mobil chief executive, who has been nominated for secretary of state.

Key developments

  • At his press conference, Mr Trump hit out at fresh claims about his ties to the Kremlin and detailed how he plans to separate his business interests to avoid a conflict of interests.
  • Mr Trump gave his strongest indication yet that he believes Russia was behind the hacking during the election.
  • Pharma stocks fell after Mr Trump targeted the industry over drug pricing. The peso also whipsawed after his comments on a ‘major border tax’.
  • In DC, Mr Tillerson was pushed hard by senators on the foreign relations committee regarding his ties to Russia.
  • The confirmation hearing of Jeff Sessions for attorney-general also continued, with prominent civil rights leaders testifying against him.

Additional reporting by Ed Crooks.