Fundamental analytics

Asian equity indexes mixed as tax reform bill moves to Trump’s desk

Asian indexes were mixed on Thursday following a soft close in Wall Street following a widely anticipated tax reform approval by Congress.

 

House Republicans were able to pass a long-awaited tax bill, which now will pass to President Donald Trump’s desk for final approval.

 

The bill includes tax cuts for corporations from 35 to 21 percent to be implemented in 2018. Individuals will also pay less as their seven-brackets system will be simplified.

 

The Dow Jones industrial average was down 28.10 points to end at 24,726.65. The S&P 500 took a 0.1 percent hit to finish at 2,679.25 points. The Nasdaq composite was flat at 6,960.96 as some FAANG stocks like Apple, Facebook and Alphabet settled in negative territory.

 

Investors kept an eye on stocks sensitive to rising geopolitical tensions between China and South Korea, with tourist visas remaining a key issue for both sides.

 

Earlier in today’s session, the Bank of Japan announced it is keeping its monetary configuration unchanged, leaving its interest rate at minus 0.1 percent.

 

No relevant economic data is scheduled in Asia or Europe.

 

The US dollar index, which measures the greenback against six major currencies, was trading 0.10 percent higher at 92.98 by the time of this writing.

 

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Attention will be directed to a revision of the third-quarter gross domestic product and initial jobless claims as of 13:30 GMT.

 

<<< Asian Stock Indexes at 05:00 GMT >>>

 

Australia ASX S&P                -12.00             -0.19%            6,155.90

Shanghai Composite             +15.69            +0.48%           3,303.29

Hong Kong Hang Seng          +144.61          +0.49%           29,378.70

Japan Nikkei 225                   -25.81             -0.11%            22,865.91

Taiwan TSEC 50 Index          -3.78               -0.04%            10,500.74

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