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Investors size up US tax reform

Reuters
Friday, November 10, 2017

If the election of Donald Trump as US president was a big catalyst behind a 23 per cent rally in the S&P 500 over the past year, Tuesday's first wide-scale retesting of his agenda with voters could signal the clock is ticking for Republicans to deliver on a range of so-far unkept promises before a much larger ballot showdown next year.

Markets are growing increasingly skeptical Republicans can pull it off.

On Tuesday, Democrats won governors' races in New Jersey and Virginia, picked up more than a dozen seats in the Virginia House of Delegates and nabbed full control of the Washington state Senate.

Omer Esiner, chief market analyst at Commonwealth FX in Washington, called the election results "a resounding victory for Democrats."

"It can be viewed as the latest signal of the president's waning popularity," Mr Esiner said.

"An increasingly unpopular president could give some Republicans the cover they need to vote against the tax plan."

Mr Trump's election one year ago — which gave Republicans control of the White House in addition to control of Congress — unleashed what many analysts described as the market's "animal spirits."

In the following days and weeks investors gobbled up a wide range of stocks, betting that Mr Trump's promises of tax cuts, deregulation and an overhaul of the healthcare system would untether an economy growing at anemic rates.








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Westpac
Code Inward TTs Outward TTs
CAD 0.62030.6013
JPY 54.872451.8724
GBP 0.36510.3571
EUR 0.41280.4008
NZD 0.71500.6820
AUD 0.64370.6187
USD 0.48980.4728

from

$0.00

Exchange Rate updated on 23rd, November, 2017

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