Trump’s tax plan offers few details
|US stock indices slip
US stocks closed marginally lower on Wednesday as the outline of President Donald Trump’s tax plan provided few details. The dollar inched higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.15% at 98.870. The S&P 500 slipped less than 0.1% settling at 2387.45 led by real estate and consumer staples stocks, with seven of the eleven primary sectors finishing in the red. The Dow Jones industrial average fell 0.1% to 20975.09 weighed by losses in Procter & Gamble and Boeing shares, down 2.5% and 1% respectively after disappointing first-quarter earnings.Nasdaq index was little changed closing down 0.27 points at 6025.23.
European stocks rise on positive earnings reports
European stocks advanced on Wednesday with better than expected corporate reports bolstering risk appetite as investors awaited unveiling of Trump’s tax plan. The euro slipped while British Pound rose against the dollar. The Stoxx Europe 600 added 0.5% led by luxury and financials stocks. Germany’s DAX 30 rose 0.1% to 12472.80. France’s CAC 40 closed 0.2% higher and UK’s FTSE 100 index fell gained 0.2% settling at 7288.72.
Asian stocks extend gains
Asian stock indices are mostly up today as investor digest Trump’s one-page tax reform outline. Nikkei ended 0.2% lower at 19251.87 despite continued weakening of the yen against the dollar and no change in monetary policy by Bank of Japan. However the central bank offered its most optimistic assessment of the economy in nine years, forecasting a pick-up in overseas demand will help sustain an export-driven recovery. Chinese stocks are up: Shanghai Composite Index is 0.4% higher and Hong Kong’s Hang Seng Index is up 0.5%. Australia’s All Ordinaries Index is 0.1% higher as the Australian dollar inches higher against the buck.
Oil prices slip as global oversupply endures
Oil futures prices are inching lower today with continued global inventory overhang weighing on price prospects. On Wednesday the Energy Information Administration reported Wednesday that US crude supplies fell 3.6 million barrels last week, third consecutive weekly decline and the largest so far this year. However US crude oil output continued rising, up 10% since mid-2016 at 9.27 million barrels per day. June Brent crude fell 0.5% to $51.82 a barrel on Wednesday on London’s ICE Futures exchange on Wednesday.
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