Morning Briefing: US corporate taxes in focus, oil higher

Morning Briefing: US corporate taxes in focus, oil higher

Morning Briefing: US corporate taxes in focus, oil higher

US corporate taxes in focus, oil higher

Once again, US president Donald Trump is the talk of the markets Friday. This time it’s not fear of a policy but positivity with investors digesting the comments made by the president Thursday that he will set out tax plans in the next few weeks.

If he follows through on cutting the tax and regulatory burden for American corporations, profits should follow and Wall Street investors shifted funds from the safe havens back to equities as the three main indexes gained.

That optimistic tone has travelled to Asia where markets closed higher, led by a 2.5 per cent jump for Tokyo’s Nikkei as the yen weakened against the dollar.

There was more good news for Asian markets as President trump spoke with the Chinese president Xi Jinping and gave his backing to the ‘One China’ policy.

Australia’s central bank meeting minutes revealed an expectation for growth to bounce back over the next two years with no further plans to cut interest rates.

European markets are also gaining with corporate earnings leading the sentiment.

Wall Street and Toronto are expected to open higher. Canadian jobs data is due.

 

Latest

1 month ago

1 year ago

North America (previous session)

US Dow Jones

20,172.40 (+0.59 per cent)

+1.60 per cent

+26.75 per cent

TSX Composite

15,617.30 (+0.41 per cent)

+1.24 per cent

+28.16 per cent

Europe (at 5.00am ET)

UK FTSE

7,253.69 (+0.33 per cent)

-0.30 per cent

+27.88 per cent

German DAX

11,684.38 (+0.36 per cent)

+0.87 per cent

+29.58 per cent

Asia (at close)

China CSI 300

3,413.49 (+0.51 per cent)

+1.64 per cent

+15.17 per cent

Japan Nikkei

19,378.93 (+2.49 per cent)

+0.40 per cent

+23.33 per cent

Other Data (at 5.00am ET)

Oil (Brent)

Oil (WTI)

Gold

Can. Dollar

56.28

(+1.17 per cent)

53.53

(+1.00 per cent)

1227.00

(-0.79 per cent)

U$0.7604

 

Aus. Dollar

U$0.7644

Europe, IMF agree deal on Greece

Greece’s ongoing debt issues have taken a positive turn with Eurozone lenders and the IMF finally reaching agreement on the economic conditions they require from the country.

Whether Greece will accept the deal from the united front is another matter, one which may become clearer after a meeting between Greece and its creditors Friday.

If the proposals are accepted, it would give Greece additional bailouts.