- MarketPulse - https://www.marketpulse.com -

Lackluster Asia Equity markets

Asian markets swung in and out of positive territory on Wednesday as investors brushed off another record close on Wall Street and looked ahead of the Federal Reserve’s latest policy meeting.

The Dow and S&P 500 clocked up another day of all-time highs, lifted by financials ahead of an expected interest rate hike by the Fed, while there were also signs that much-anticipated tax cuts were moving closer.

Bloomberg News reported Republican senators as saying lawmakers in both houses of congress were making progress in reconciling two tax reform bills and a final draft could be agreed imminently and it could go to a vote by next Tuesday.

Bets on the market-friendly tax cuts being introduced helped drive a surge in global markets this year and while equities have stuttered in recent weeks analysts suggested more gains could come.

“Apparently, the bull market has ways to run despite 2017 froth as tax cuts are expected to extend the current rally shelf life,” said Stephen Innes, head of Asia-Pacific trading at OANDA.

However, Asian dealers were unable to take up the baton from New York and by the break Tokyo was down 0.3 percent, Shanghai was marginally down and Singapore shed 0.3 percent.

The Business Times via AFP [1]

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 [5]

Head of Trading APAC at OANDA [6]
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