Global markets were lower overnight, as Wall Street slipped from early gains as investors tempered their enthusiasm on the fate of the Republican tax cut plan.
US markets are still hovering near records, perked up by the Federal Reserve's upbeat view on the economy and news that the Republicans' tax code overhaul is set to face final votes in Congress before the year-end. A final tax bill could be unveiled by Friday (Saturday AU/NZ time), with decisive votes expected next week in both chambers.
We are watching developments closely as there seems to be some pressure on The Republicans to pass something before the end of the year. As we have discussed, proposed tax cuts are expected to provide a significant boost to company profits, somewhere likely in the order of a 10% boost to earnings of the US market overall next year.&nb...
Stock Markets, Simplified.