{"id":117328,"date":"2017-11-29T07:10:17","date_gmt":"2017-11-29T12:10:17","guid":{"rendered":"http:\/\/countingpips.com\/?p=117328"},"modified":"2018-06-01T15:49:04","modified_gmt":"2018-06-01T15:49:04","slug":"senate-budget-committee-passes-tax-bill","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/senate-budget-committee-passes-tax-bill\/","title":{"rendered":"Senate budget committee passes tax bill"},"content":{"rendered":"
November 29, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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US three main indices log fresh records<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0ended at record highs on Tuesday as the Senate Budget Committee approved Republicans\u2019 tax plan. The dollar strengthened as Federal Reserve Chair nomine Powell reassured at Senate hearing he would follow the current policy of gradual rate increases. 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 0.3% to 93.207. The\u00a0S&P 500\u00a0<\/em>climbed 1% to record 2627.04.\u00a0Dow Jones\u00a0<\/em>industrial average jumped 1.1% to all time high 23836.71 led by financial stocks. The\u00a0Nasdaq\u00a0<\/a>composite index added 0.5% to fresh record high 6912.36.<\/p>\n

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The Senate Budget Committee voted 12-11 for the Republican tax bill with a full Senate vote planned later this week, possible as early as Thursday. Jerome Powell, President Donald Trump\u2019s nominee to run the Federal Reserve, indicated he expects to stay on the course set by the current Fed chief Janet Yellen. Economic data were mostly positive, adding support to rising market sentiment: the Conference Board\u2019s US consumer confidence index rose to 129.5 in October, its highest reading since 2000, and home prices, measured by the S&P\/Case-Shiller national index of house prices, rose 6.2% over year in September, the fastest pace in more than three years. On the negative side the advanced US trade deficit in goods jumped 6.5% to $68.3 billion in October.<\/p>\n<\/div>\n<\/div>\n

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Energy stocks lead European markets recovery<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>advanced on Tuesday led by energy stocks. The\u00a0euro\u00a0<\/em>extended losses against the dollar whileBritish Pound\u00a0<\/em>rebounded. The Stoxx Europe 600 advanced for the first time in three sessions gaining 0.6%. German\u00a0DAX 30\u00a0<\/a>rose 0.5% closing at 13059.53. France\u2019s\u00a0CAC 40<\/em>\u00a0ended 0.6% higher and UK\u2019s\u00a0FTSE 100\u00a0<\/em>jumped 1% to 7460.65. Markets opened mixed today.<\/p>\n

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The Royal Dutch Shell led advancers after the company upgraded earnings outlook, saying it would cancel dividends paid in shares in lieu of cash payments from the fourth quarter of 2017 and plans to buy back 25 billion worth of shares between 2017 and 2020. Bank of England said Britain\u2019s biggest banks passed its \u201cdisorderly\u201d Brexit stress tests including scenarios of a severe recession with a collapse in housing prices, doubling of unemployment and a plunge in the pound.<\/p>\n<\/div>\n<\/div>\n

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Nikkei leads Asian indices higher<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly higher today shrugging off the North Korean missile launch news.\u00a0Nikkei\u00a0<\/em>rose 0.5% to 22597.20 despite a yen strengthening against the dollar. Chinese stocks are advancing: the\u00a0Shanghai Composite Index\u00a0<\/em>is up 0.1% while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 0.3% lower. Australia\u2019s All Ordinaries Index added 0.4% with Australian dollar extending losses against the greenback.<\/p>\n

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Oil lower on expected US crude build<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are extending losses today on doubts OPEC and Russia will agree on extending a crude production cuts deal on November 30. Prices fell yesterday weighed by the American Petroleum Institute industry group report US crude stocks rose by 1.8 million barrels last week. January Brent fell 0.4% to $63.61 a barrel Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil 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 three main indices log fresh records US stocks\u00a0ended at record highs on Tuesday as the Senate Budget Committee approved Republicans\u2019 tax plan. The dollar strengthened as Federal Reserve Chair nomine Powell reassured at Senate hearing he would follow the current policy of gradual rate increases. The\u00a0live dollar index\u00a0data show the ICE US […]<\/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-117328","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117328","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=117328"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117328\/revisions"}],"predecessor-version":[{"id":117342,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117328\/revisions\/117342"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}