Tax Reform follow through



1922 ET – Two of China’s largest infrastructure banks have refused funding for a giant coal mine planned by Indian conglomerate Adani in Australia’s Queensland state. Industrial & Commercial Bank of China has rejected media reports that it could help finance the A$16.5 billion mine–after refusals by major U.S. and European banks–following lobbying by Australian diplomats and the conservative government. “ICBC attaches great importance to its social responsibilities and keenly promotes ‘green financing,’” the bank says, denying that it intends to get involved in financing the project and highlighting its funding of renewable energy projects. The decision matches a similar one by China Construction Bank over the weekend. A Labor government in Queensland–likely to be re-elected–has promised to veto any federal loan for the project. (

1845 ET – The dollar has started Asian trading on an up note in Monday morning Asian trading between the Senate clearing a tax proposal and a Flynn report during Friday trading that hit markets but has since been retracted as erroneous. But the dollar’s gains–up a half-yen at Y112.75 and a quarter-cent versus the euro at $1.1870–is probably not the explosive bounce some were hoping for, says Stephen Innes of  Oanda. That as questions still remain about how helpful a final package could be to the US economy, he notes, while given typical political bluster some dealers may be reluctant to chase the dollar much higher. (; @JamesGlynnWSJ)

1842 ET – Japanese stocks are set to open higher in the wake of market reaction to the Senate passing a tax proposal. With the dollar at Y112.80 versus Y112.25 late Friday in New York, Nikkei futures opened up 60 points at 22875 on SGX. The index logged its 3rd-straight gain on Friday and has risen 8 of the past 11 trading days. (; @SuryatapaB)

Dow /WSJ Wires


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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