US tax reform progress drives global equities markets | IFCM UK
IFC Markets Online CFD Broker

US tax reform progress drives global equities markets

  • IFC Markets
    2023/02/27
  • IFC Markets
    2023/02/20
  • IFC Markets
    2023/02/13
  • IFC Markets
    2023/02/06
  • IFC Markets
    2023/01/30
  • IFC Markets
    2023/01/23
  • IFC Markets
    2023/01/16
  • IFC Markets
    2023/01/09
Subscribe to our official channel to get the latest updates from IFC Markets

US broad stock market pulled back and the ICE US dollar index corrected lower last week as Senate unveiled its tax reform blueprint which would delay lowering corporate tax cuts to 20% until 2019 instead of 2018 as proposed by House Republicans. The SP 500 lost 0.2% and the ICE dollar index fell 0.6% for the week.

The ICE US dollar index retreated in every session last week except Tuesday and Wednesday. It lost 0.4% on Thursday after Senate unveiled its tax bill which would cut corporate taxes to 20% from 35% in 2019. The dollar index slipped 0.1% Friday as the consumer sentiment for November deteriorated contrary to expectations, as reported by University of Michigan.

The SP 500 ended lower in all sessions last week except Monday and Wednesday. It fell 0.4% Thursday on Senate proposal to implement corporate tax cut to 20% from current 35% one year later in 2019. SP 500 lost 0.1% next day despite the House Ways and Committee passed the Republicans’ bill Thursday which proposes cutting corporate taxes to 20% from 35% starting from 2018, repeals the estate tax and revises the existing seven tax brackets into four.

US tax reform talks and inflations reports from UK and US are the major events expected to drive markets this week. Uncertainty about the extent and timing of expected tax cuts weighed on global stock indices late last week. China releases industrial production, fixed-asset investment and retail sales data on Tuesday ahead of UK inflation report. US inflation and retail sales data as well as Japan’s third-quarter GDP are due Wednesday. A weaker than expected US inflation report is bound to weigh on dollar.

New Exclusive Analytical Tool

Any date range - from 1 day to 1 year

Any Trading Group - Forex, Stocks, Indices, etc.

 
Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger