european stocks struggle as us tax cut euphoria wanes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

over US President Donald Trump's tax reform bill

European stocks struggle as US tax cut euphoria wanes

Arab Today, arab today

Arab Today, arab today European stocks struggle as US tax cut euphoria wanes

US President Donald Trump.
Washington - Arab Today

European stock markets mainly fell Thursday, after a mixed performance in Asia, as euphoria waned over US President Donald Trump's tax reform bill, dealers said.

Markets also faltered with many investors away for an extended festive break for Christmas and New Year holidays.

Global equities have nevertheless rallied this year, with Wall Street enjoying a record-breaking run, on expectations that Trump's promised tax cuts would add fire to the strong US economy.

Those gains increased over the past week as it became clear that months of bargaining would bear fruit, following the successful passage of Trump's tax reform bill through Congress.

"President Trump finally has a piece of legislation passed. There has already been a lot of optimism priced in," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

"I believe this is a perfect example of buy the rumour sell the news. We may see a bit of profit-taking coming into the back end of the year."

In Europe on Thursday, Frankfurt and Paris stocks slipped 0.2 percent but London gained 0.1 percent.

British housebuilders Berkeley and Persimmon both fell by more than one percent after the government announced a ban on sales of new homes on a lucrative leasehold basis.

Wall Street stocks dipped overnight as the House of Representatives approved a sweeping US tax cut and sent the long-awaited measure to President Donald Trump's desk.

The vote in the lower congressional chamber was the last major hurdle before the controversial $1.5 trillion tax overhaul is signed into law by Trump. Wall Street has viewed the measure as Washington's most important priority since the 2016 US election.

In Asia, Tokyo ended 0.1 percent lower but Hong Kong rose 0.5 percent and Shanghai gained 0.4 percent higher as dealers welcomed a pledge by China's leaders to boost imports.

The dollar struggled despite expectations the across-the-board tax cuts would fan inflation and lead to higher interest rates.

"Forex traders remain nonplussed about the US dollar, which continues to struggle to gain traction," noted AxiTrader analyst Greg McKenna.

Dealers are now looking ahead to Friday's release of US personal consumption data, which could provide clues on the Fed's plans for monetary policy next year.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.1 percent at 7,531.84 points

Frankfurt - DAX 30: DOWN 0.2 percent at 13,044.70

Paris - CAC 40: DOWN 0.2 percent at 5,342.39

EURO STOXX 50: DOWN 0.3 percent at 3,540.75

Tokyo - Nikkei 225: DOWN 0.1 percent at 22,866.10 (close)

Hong Kong - Hang Seng: UP 0.5 percent at 29,367.06 (close)

Shanghai - Composite: UP 0.4 percent at 3,300.06 (close)

New York - DOW: DOWN 0.1 percent at 24,726.65 (close)

Euro/dollar: UP at $1.1885 from $1.1871 at 2200 GMT

Pound/dollar: UP at $1.3385 from $1.3376

Dollar/yen: UP at 113.44 yen from 113.40 yen

Oil - Brent North Sea: DOWN 26 cents at $64.30 per barrel

Oil - West Texas Intermediate: DOWN 14 cents at $57.95

Source: AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

european stocks struggle as us tax cut euphoria wanes european stocks struggle as us tax cut euphoria wanes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

european stocks struggle as us tax cut euphoria wanes european stocks struggle as us tax cut euphoria wanes

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday