Global markets were higher on Friday as all three major US benchmarks closed at record highs over the weekend.
Gains were broad based on Friday, with Banks being standout beneficiary’s as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass. President Donald Trump's Republicans appear to have settled on the most-sweeping overhaul to business and personal taxes since 1986, including slashing the corporate rate to 21%. It is anticipated that the Bill will be passed into law as soon as this week.
As we discussed last week, 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 market overall next year. We are watching developments closely....
Stock Markets, Simplified.