Global markets are currently gaining from U.S. President Donald Trump's pledges to slash financial regulation and cut taxes, but this optimism is unlikely to last, a senior client adviser at Nomura told CNBC Wednesday.
"In the very short-term, there could be a sell-off. I think there's be a big repricing event to happen, I just think we have got one more leg-up in risk, i.e. in equities, and one more leg higher in bond yields before we get to that point," Nomura's Bob Janjuah, known for his bearish views on the market, told CNBC on Wednesday.
"We've gone from thinking that Trump was our devil to thinking he was our savior; post-election. We are now in a world where we think Trump cannot tie his own shoe laces, because he can't get anything done in Washington," he added.
While the administration's attempt to overhaul and repeal Obamacare failed to materialize, Trump has yet to unveil another campaign pledge, his much anticipated tax reform. The president had promised to cut corporate taxes from 35 percent to 15 percent.