What's Happening Today:
- Following a mostly higher close in Asia and a mixed beginning to the trading day in Europe, the U.S.-based futures are pointing a higher open this morning. Macroeconomic and geopolitical themes continue this morning as the UK PMI Construction Index is released showing a reading of 48.1. The prior reading was 51.1. A reading above 50 signals an expansionary environment. Within the index, Civil engineering and commercial building were weak. Aggregate new business volumes decreased for the third month. The latest reading on Construction PMI is on the heels of a recent BOE inclination to raise rates in the near future.
- Demonstrators in the Catalan region continue to show willingness toward an independent state following this past weekend's election.
- Domestically, continued conversation and opinion weigh on the implication of the prospective new tax bill presented by the President in recent days. Among the discussion topics are the potential burden on the US budget, corporate tax rates, short term and medium term employment impact. Analysts will be looking for agreements along party lines in addition to potential intra-party friction relating to specific topics of the bill.