{"id":111537,"date":"2017-08-23T07:30:57","date_gmt":"2017-08-23T11:30:57","guid":{"rendered":"http:\/\/countingpips.com\/?p=111537"},"modified":"2017-08-23T07:01:14","modified_gmt":"2017-08-23T11:01:14","slug":"progress-in-tax-reform-preparations-boost-risk-appetite","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/progress-in-tax-reform-preparations-boost-risk-appetite\/","title":{"rendered":"Progress in tax reform preparations boost risk appetite"},"content":{"rendered":"
August 23, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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US indices rise led by tech stocks<\/h2>\n<\/div>\n<\/div>\n

US stocks\u00a0<\/b>advanced on Tuesday as investor optimism rekindled on news President Trump\u2019s policy team was making progress with congressional leaders on tax reform plans. The dollar rebounded: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.4% to 93.476. The\u00a0S&P 500\u00a0<\/em>rose 1% settling at 2452.51 led by technology stocks, with ten out of 11 main sectors closing higher.\u00a0Dow Jones\u00a0<\/em>industrial average gained 0.9% closing at 21899.89. TheNasdaq\u00a0<\/a>composite index jumped 1.4% to 6297.48.<\/p>\n

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Investors sold Treasuries, gold and Japanese yen, pressuring prices of these haven assets, causing the rise in Treasury yields. Investor risk appetite was buoyed as news about White House progress with Congress on tax system overhaul revived hopes for fiscal stimulus and accelerated growth.<\/p>\n<\/div>\n<\/div>\n

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European markets rebound<\/h2>\n<\/div>\n<\/div>\n

European stock indices\u00a0<\/b>closed higher on Tuesday helped by gains in mining stocks and renewed optimism about US growth prospects. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>fell against the dollar. The Stoxx Europe 600 rose 0.8%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>jumped 1.4% closing at 12229.34. France\u2019s\u00a0CAC 40<\/em>\u00a0added 0.9% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>gained 0.9% to 7381.74. Markets opened 0.3%-0.4% higher today.<\/p>\n

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Rising metals prices and upbeat corporate reports lifted mining stocks. BHP shares jumped 2.1% after the miner said it\u2019s planning to sell its onshore US oil and gas operations. And its final dividend will be increased threefold. Antofagasta shares rose 2% as the copper miner more than tripled its interim-dividend payment after reporting a sharp rise in half-year earnings. In economic news, markets shrugged off ZEW survey results the economic-expectations index came fell more than expected to 10.0 from 17.5 in July.<\/p>\n

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Asian markets down<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly lower today as traders are cautious ahead of central bankers\u2019 conference in Jackson Hole, Wyoming which starts on Thursday.\u00a0Nikkei\u00a0<\/em>rose 0.3% to 19434.64 despite a stronger yen against the dollar. Toshiba shares jumped 4.6% after a report the company is prioritizing talks with Western Digital on the sale of its chip unit. Chinese stocks are lower: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.1% lower as metals prices declined. Australia\u2019s All Ordinaries Index is down 0.2% despite a continued slide in Australian dollar against the greenback.<\/p>\n

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Oil lower ahead of US inventory report<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are lower today ahead of the official US inventory report. Expected higher global supply as Libya\u2019s Sharara oil field is restarting and increase in US gasoline inventories despite the peak summer driving season weigh on oil prices. Prices ended higher yesterday after the American Petroleum Institute reported that US crude supplies dropped 1.4 million barrels last week. October Brent crude rose 0.4% to $51.87 a barrel on London\u2019s ICE Futures exchange on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories. Analysts polled by S&P Global Platts expect a decline of 3.7 million barrels in crude inventories.<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets US indices rise led by tech stocks US stocks\u00a0advanced on Tuesday as investor optimism rekindled on news President Trump\u2019s policy team was making progress with congressional leaders on tax reform plans. The dollar rebounded: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-111537","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=111537"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111537\/revisions"}],"predecessor-version":[{"id":111542,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111537\/revisions\/111542"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=111537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=111537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=111537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}