European Shares Pause as U.S. Tax Reform Stumbles
2017年12月1日 - 05:59PM
Dow Jones News
By Mike Bird and Lucy Craymer
European stocks opened roughly flat Friday, with investors
around the world still focused on U.S. tax reform efforts.
Shortly after markets opened the Stoxx Europe 600 index was up
by less than 0.1%, lifted by a 0.2% rise in the U.K's FTSE 100.
Overnight a new stumbling block to the proposed tax policy
changes emerged, as some Republican senators' concerns about the
budget deficit delayed a vote. The promise of changes to U.S. taxes
has been one of the driving forces behind the year's market
rally.
Bank stocks were down 0.3% in early trading, while a modest
increase in energy prices lifted the European oil & gas sector
by 0.5%.
As the Dow industrials capped its eighth-straight month higher
Thursday, the longest winning streak in 22 years.
"Equities in the U.S. are like a runaway freight train," said
Tim Kelleher, head of institutional foreign-exchange sales at ASB
Bank in New Zealand.
But he added that some of Thursday's 1.39% gain could be
attributed to end-of-month positioning.
Stocks largely returned to positive territory in late-session
trading in the Asia-Pacific region Friday as well.
In Japan, the Nikkei Stock Average closed up 0.4%. China's
Shenzhen A-Share index rose by 0.8%.
Hong Kong's Hang Seng Index remained under pressure, down 0.3%
mostly due to weakness in Tencent. The Chinese internet giant fell
another 2.4%, putting it into correction territory with a 12%
decline from last week's latest record high.
It has been a tough week for tech stocks globally, particularly
for Samsung Electronics, which lost 8.3%, its worst week in 5 1/2
years.
Oil prices rose in Asia as investors continued to react to the
Organization of the Petroleum Exporting Countries and Russia
agreeing to extend production curbs. The decision had been expected
by the market. U.S. and Brent futures rose by 0.5% and 0.7%
respectively.
Write to Mike Bird at Mike.Bird@wsj.com and Lucy Craymer at
Lucy.Craymer@wsj.com
(END) Dow Jones Newswires
December 01, 2017 03:44 ET (08:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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