Market Headlines – 6/12/2017

US

• Most U.S. stocks fell yesterday, with tech shares fading in afternoon trading, as investors assessed the impact of proposed tax cuts.
• American equities failed to hold early gains for a second straight day, with industrial shares dragging the S&P 500 Index lower by 0.4%.
• In political news, House and Senate lawmakers are poised to begin working on compromise tax-overhaul legislation – a key step in their drive to send a bill with tax cuts for corporations and individuals to President Donald Trump by the end of the year.
• In monetary policy news, the nomination of new Fed Chief Powell was formally passed by the Senate Banking Committee by a 22-1 vote, with the lone against vote reportedly due to concerns that Mr Powell may weaken financial regulations.

Europe

• European stocks declined, falling 0.2%, as basic-resources firms slid to a two-month low amid concern demand for metals is softening in China, outweighing gains in real estate and retail shares.
• The European Commission College of Commissioners discusses Brexit today and will likely make its recommendation on whether sufficient progress has been made to move negotiations forward.

Asia

• The Asia Pacific Equity Index fell for the 8^th day, the longest losing streak in two years, as the technology, mining, consumer and industrial sectors led declines. Japan equities fell sharply, declining 2% while Chinese equities also lost 0.3%.