Tax reforms remains in focus

20 December, 2017

Tax reforms remains in focus

Asian equity indexes displayed a mixed dynamic on Wednesday as attention was entirely directed to an ongoing debate in the US over a Republican-backed tax reform.

The House of Representatives will have to vote again on the GOP tax reform bill on Wednesday despite having gained on Tuesday by a difference of 227 to 203 as Democrats outlined three provisions in the text do not meet a procedural rule.

By the time of this writing, the Senate continues to debate over the bill, but it is widely expected to be passed later in the day, leaving a second vote in the House as the step before the bill moves finally to President Donald Trump’s desk.

According to the bill, the corporate tax rate will be reduced from 35 to 21 percent in 2018 and individuals will pay less than they used to, leaving them with more cash in their pockets.

For such reason, this reform is expected to incentivize further monetary policy adjustments in the world’s first economy, especially when it comes to interest rate hikes.

The Dow Jones ended 37.45 points to the downside at 24,754.75, while the S&P 500 eased 0.3 percent to 2,681.47. The Nasdaq fell by 0.4 percent to finish at 6,963.85 points.

On the data front, single-family home building increased 5.3 percent to a seasonally adjusted rate of 930,000 units in Nov, a level not seen since Sept 2007, said the Commerce Department.

On the corporate front, Japanese automaker Subaru shares dropped sharply in the session following reports that inspectors working for the company were not yet certified as so.

Ahead in today’s session, investors will keep an eye on the releases of the German producer price index for Nov at 07:00 GMT and a speech by Buba President Weidmann at 13:00 GMT.

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