Asian Stock Markets
Asian stocks advanced on Tuesday after a record-setting session on Wall
Street on bets that U.S. lawmakers would pass sweeping tax legislation,
while the dollar was tentative as traders were circumspect about the
bill’s economic impact.
Spreadbetters expected Britain's FTSE .FTSE to open 0.05 percent higher, Germany's DAX .GDAXI to gain 0.26 percent and France's CAC .FCHI to start little changed.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.4 percent.
Australian shares added 0.55 percent, Hong Kong's Hang Seng .HSI rose 0.8 percent and Shanghai climbed 0.6 percent .SSEC.
Japan's Nikkei .N225 bucked the trend and slipped 0.15 percent.
Wall Street hit record highs on Monday on growing optimism about lower corporate tax rates as the Republican tax bill moved closer to passage. [.N]
Global markets have been buffeted in recent weeks by shifting expectations about President Donald Trump’s ability to push through his signature policy.
The bill would cut U.S. corporate tax rates to 21 percent from 35 percent, which investors are betting will boost profits as well as trigger share buybacks and higher dividend payouts.
The dollar was also capped by doubts the tax reforms will be able to drive sizable repatriation of funds back into the United States as expected.
The euro nudged up 0.1 percent to $1.1793 EUR=. The dollar was little changed at 112.600 yen JPY= having pulled back from a high of 112.840 overnight.
South Africa’s rand retained a bulk of its gains after rallying on South African Deputy President Cyril Ramaphosa’s election as the new leader of the ruling African National Congress (ANC) party.
The currency soared to a nine-month high of 12.52 rand per dollar overnight on hopes Ramaphosa's appointment would pave the way for crucial structural reforms. It last traded at 12.75 ZAR=D3.
In commodities, oil prices were modestly higher following a North Sea pipeline outage but losing a bit of support after a nationwide oil worker strike was called off in Nigeria. [O/R]
Brent crude futures LCOc1 rose 7 cents to $63.48 per barrel, while U.S. crude futures CLc1 were 17 cents higher at $57.33.
Spot gold XAU= rose 0.2 percent to $1,263.66 per ounce.
Bitcoin was 0.2 percent lower at $18,872 on the Bitstamp exchange BTC=BTSP.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.4 percent.
Australian shares added 0.55 percent, Hong Kong's Hang Seng .HSI rose 0.8 percent and Shanghai climbed 0.6 percent .SSEC.
Japan's Nikkei .N225 bucked the trend and slipped 0.15 percent.
Wall Street hit record highs on Monday on growing optimism about lower corporate tax rates as the Republican tax bill moved closer to passage. [.N]
Global markets have been buffeted in recent weeks by shifting expectations about President Donald Trump’s ability to push through his signature policy.
The bill would cut U.S. corporate tax rates to 21 percent from 35 percent, which investors are betting will boost profits as well as trigger share buybacks and higher dividend payouts.
The dollar was also capped by doubts the tax reforms will be able to drive sizable repatriation of funds back into the United States as expected.
Moreover,
while Federal Reserve policymakers expect the U.S. economy to get a
short-term lift from the tax reform, they project growth will then ease
back to about 2 percent by 2020 and not rise to around 3 percent as
Trump and his administration predict.
The euro nudged up 0.1 percent to $1.1793 EUR=. The dollar was little changed at 112.600 yen JPY= having pulled back from a high of 112.840 overnight.
South Africa’s rand retained a bulk of its gains after rallying on South African Deputy President Cyril Ramaphosa’s election as the new leader of the ruling African National Congress (ANC) party.
The currency soared to a nine-month high of 12.52 rand per dollar overnight on hopes Ramaphosa's appointment would pave the way for crucial structural reforms. It last traded at 12.75 ZAR=D3.
In commodities, oil prices were modestly higher following a North Sea pipeline outage but losing a bit of support after a nationwide oil worker strike was called off in Nigeria. [O/R]
Brent crude futures LCOc1 rose 7 cents to $63.48 per barrel, while U.S. crude futures CLc1 were 17 cents higher at $57.33.
Spot gold XAU= rose 0.2 percent to $1,263.66 per ounce.
Bitcoin was 0.2 percent lower at $18,872 on the Bitstamp exchange BTC=BTSP.
No comments:
Post a Comment