Global equity markets struggled for direction during Wednesday’s trading session, with investors on the fence as activity continued to decelerate ahead of the upcoming Christmas holiday break. Sterling nudged higher against the Dollar on Wednesday morning as market players awaited Bank of England Governor Mark Carney‘s appearance before Parliament.
Roll out the barrels; raise up production before supply falls again. Fill up the tanker; I may be rushing things, but supply is down again now. For we need a little oil, right this very minute, refiners have a window, no matter how bears spin it.
U.S. equity markets are expected to open slightly higher on Tuesday following a flat and rather slow start to the week. A rare piece of good news for the UK this morning as the Bank of England announced that all banks passed its stress tests for the first time since the financial crisis.
U.S. equity traders are in a wait-and-see mode. President Trump will meet senators today at their weekly policy lunch, to ensure that Republicans are on the same page regarding the tax system overhaul. I firmly believe that U.S. legislative tax reforms are strongly “priced in” the U.S. markets, thus if significant tax reforms do not pass, I expect a substantial decline in major indices, particularly in small caps.
Despite a record-high close on the S&P 500 last Friday, Asian equities edged lower, led by Korean markets. Chinese stocks continued to decline after having the biggest one-day selloff in 17 months on Thursday, as rising government and corporate bond yields signaled tighter liquidity conditions.
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Major U.S. corporations are going to war in Washington over a Republican 'border adjustment' tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation's biggest employers.
Global stocks have repeatedly hit record highs, there remains some skepticism over the sustainability of the rally with a selloff on the table if Trump fails to deliver his market shaking tax cuts and fiscal policies.