Asian stocks gain on US tax reform hopes

Omkar Godbole FXStreet Contributor

Asian stocks rallied this Friday morning on optimism for a US tax reform.

Japanese stocks strengthened on the back of a weak Yen and comments from the BOJ Governor Kuroda. The central bank chief said he will keep an accommodative policy in place.

At the time of writing, Japan’s Nikkei was trading 148 points higher on the day. Australia’s ASX 200 gained 38 points, while South Korea’s Kospi added 18 points. The S&P 500 Index had its second best day since March after US Treasury Secretary Steven Mnuchin said plans to reform taxes have progressed.

The Trump administration's talk to reignite the market’s expectations for policies/Trump trade has been well received, at least for now. However, the investors are likely to turn cautious ahead of the French Presidential elections this Sunday.

In related markets, the 10-yr treasury yield jumped five basis points rally on Thursday and remains flat lined around 2.25% today. WTI trades flat lined around $50.75/barrel as well.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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