{"id":116147,"date":"2017-11-08T06:25:31","date_gmt":"2017-11-08T11:25:31","guid":{"rendered":"http:\/\/countingpips.com\/?p=116147"},"modified":"2018-06-01T15:53:27","modified_gmt":"2018-06-01T15:53:27","slug":"us-stocks-slip-on-tax-reform-uncertainty","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-slip-on-tax-reform-uncertainty\/","title":{"rendered":"US stocks slip on tax reform uncertainty"},"content":{"rendered":"
November 8, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Dow logs a new record high<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0inched lower on Tuesday on uncertainty on timing and extent of proposed tax cuts under consideration in Congress. The dollar resumed strengthening: 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 0.1% to 94.722. The\u00a0S&P 500\u00a0<\/em>slipped less than a point to 2590.61 led by financial and consumer discretionary stocks.\u00a0Dow Jones\u00a0<\/em>industrial average rose less than 0.1% to record high 23557.23. The\u00a0Nasdaq\u00a0<\/a>composite index fell 0.3% to 6767.78.<\/p>\n

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Earnings season continues with positive reports underpinning historically high stock valuations. House Ways and Means Committee Chairman Kevin Brady said the tax bill would be voted on next week. Senate has indicated its own bill will be unveiled Thursday. Economic news were positive: job openings rose to 6.04 million in September, close to a record high, and consumers borrowed $21 billion in September, the largest amount in almost a year, up from $13 billion in the previous month.<\/p>\n<\/div>\n<\/div>\n

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European stocks retreat on earnings misses<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>pulled back on Tuesday on weaker than expected corporate reports. The\u00a0euro\u00a0<\/em>slid against the dollar while\u00a0British Pound\u00a0<\/em>was little changed. The Stoxx Europe 600 fell 0.5%. German\u00a0DAX 30\u00a0<\/a>fell 0.7% closing at 13379.27. France\u2019s\u00a0CAC 40<\/em>\u00a0closed 0.5% lower and UK\u2019s\u00a0FTSE 100\u00a0<\/em>lost 0.7% to 7513.11. Markets opened 0.1%-0.2% higher today.<\/p>\n

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German DAX was weighed by 6.8% slump in Siemens Gamesa Renewable Energy shares after the wind turbines maker reported weaker than expected fiscal 2017 results and said it could reduce its workforce by more than a fifth. Markets shrugged off positive euro-zone data: euro-zone retail sales rose 3.7% over year in September, above the expected 2.8% gain.<\/p>\n<\/div>\n<\/div>\n

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Asian stock indices mixed<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mixed today as data showed China\u2019s demand for imports above expectations while export growth was slightly lower than expected. Chinese imports rose 17.2% in October from a year earlier, but export growth was at 6.9% just under an expected 7% gain. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.04% higher and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is down 0.2%.\u00a0Nikkei\u00a0<\/em>ended 0.1% lower at 22913.82 on weaker yen against the dollar. Australia\u2019s All Ordinaries Index gained 0.03% despite stronger Australian dollar against the greenback.<\/p>\n

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Oil lower on falling China imports<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are falling today as data showed China\u2019s crude imports fell in October. China\u2019s October oil imports fell to just 7.3 million barrels per day (bpd) in October from about 9 million bpd in September. Prices fell yesterday : January Brent fell 0.9% to $63.69 a barrel on Tuesday. The American Petroleum Institute industry group said late Tuesday US crude stocks declined by 1.56 million barrels last week. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.<\/p>\n

\"BRENT\"<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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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 Dow logs a new record high US stocks\u00a0inched lower on Tuesday on uncertainty on timing and extent of proposed tax cuts under consideration in Congress. The dollar resumed strengthening: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.1% […]<\/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-116147","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116147","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=116147"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116147\/revisions"}],"predecessor-version":[{"id":116156,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116147\/revisions\/116156"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}