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20 December 2017
 |
| Japan financial markets (The Total Investment & Insurance Solutions) |
European shares drifted lower after a directionless day in Asia as
traders awaited the final passage of the Republican-backed U.S. tax bill and
pondered how much longer the Wall Street bull could run. The Total Investment & Insurance Solutions
U.S. market futures pointed to a stronger
open in New York.
KEEPING SCORE: France's CAC 40 dipped 0.2
percent to 5,374.49 in early afternoon trading Europe time, while Germany's DAX
was off 0.2 percent to 13,188.76. Britain's FTSE fell 0.3 percent to 7,543.82.
U.S. shares were set to drift higher. Dow futures were up 0.4 percent at 24,864
and S&P 500 futures gained 0.3 percent to 2,692.75. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 rose
0.1 percent to finish at 22,891.72. Australia's S&P/ASX 200 gained nearly
0.1 percent to 6,075.60. South Korea's Kospi lost 0.3 percent to 2,472.37. Hong
Kong's Hang Seng slipped 0.1 percent to 29,234.09, while the Shanghai Composite
fell 0.3 percent to 3,287.61.
US TAXES: Investors like the proposed tax cut
pushed by U.S. President Donald Trump because it would boost corporate profits
and likely raise stock prices along with it. The bill, set for a final vote in
the House later in the day, would initially cut taxes for most Americans, but
by 2027 would increase tax bills for most. The Total Investment & Insurance Solutions
THE QUOTE: "With equity markets having
risen more than 25 percent since Trump's election victory, at least in part due
to his tax reform plans, it's likely that this is almost entirely priced in at
this point," wrote Craig Erlam, senior market analyst at OANDA. "So
it will be interesting to see whether the rally can now be maintained until the
end of the year, or whether the Santa rally will instead grind to a premature
halt as investors lock in some profits."
ENERGY: Benchmark U.S. crude rose 19 cents to
$57.75 a barrel in New York. Brent crude, used to price international oils,
added 59 cents to $63.82 a barrel in London. The Total Investment & Insurance Solutions
CURRENCIES: The dollar rose to 113.16 yen
from 112.58 yen late Tuesday in Asia. The euro rose against the dollar to
$1.1845 from $1.1811.The Total
Investment & Insurance Solutions
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