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19 December 2017
 |
| China financial markets (The Total Investment & Insurance Solutions) |
Global stock markets traded in narrow ranges Tuesday, a day after U.S.
stocks notched up further record amid hopes that U.S. lawmakers will finally
approve big tax changes. The Total Investment
& Insurance Solutions
KEEPING SCORE: In Europe, Germany's DAX was
down 0.1 percent at 13,303 while the CAC 40 in France fell 0.1 percent 5,413.
The FTSE 100 index of leading British share rose 0.1 percent to 7,544. A day
after closing at record highs, the two main stock markets in the U.S. were
poised for a steady opening with Dow futures and the broader S&P 500
futures both up 0.1 percent.
TAXES: Congressional Republicans appeared to
garner enough support to approve changes that initially would cut taxes for
most Americans but by 2027 would increase the burden for most. The House of
Representatives was scheduled to vote Tuesday and the Senate on Wednesday. Most
of the benefits go to businesses and the wealthy, which Republicans say would
goose the economy and benefit all. The Congressional Budget Office estimates
the cuts will widen the government's budget deficit by $1.45 trillion.
ANALYST TAKE: "While it may have taken
longer to deliver than he expected, it would appear that Republicans
determination to give Americans an early Christmas present has paid off,
although there has been numerous debates about who actually stands to benefit
most from the bill," said Craig Erlam, senior market analyst at OANDA. The Total Investment & Insurance
Solutions
ASIA'S DAY: The Shanghai Composite Index rose
0.9 percent to 3,296.54 while Tokyo's Nikkei 225 shed 0.2 percent to 22,868.00.
Hong Kong's Hang Seng advanced 0.7 percent to 29,253.66 and Seoul's Kospi
declined 0.1 percent to 2,478.53. Sydney's S&P-ASX 200 gained 0.5 percent
to 6,071.80 and India's Sensex added 0.5 percent to 33,767.74.
CURRENCIES: The euro was up 0.3 percent at
$1.1819 while the dollar was steady at 112.55 yen. The Total Investment & Insurance Solutions
ENERGY: Benchmark U.S. crude rose 29 cents to
$57.51 per barrel in electronic trading on the New York Mercantile Exchange
while Brent crude, used to price international oils, was up 19 cents to $63.60
in London.The Total Investment &
Insurance Solutions
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