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 8th 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%.

 

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