Fiji Time: 8:28 PM on Sunday 18 February

Fiji Times Logo

/ Front page / Archives » Article Index

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.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.62960.6106
JPY 54.089651.0896
GBP 0.35640.3484
EUR 0.40330.3913
NZD 0.68710.6541
AUD 0.63800.6130
USD 0.50590.4889

from

$0.00

Exchange Rate updated on 16th, February, 2018

Today's Most Read Stories

  1. Workers walk out
  2. Biman refutes claims on sector
  3. Kuruvakadua slams landowners
  4. Dengue alert
  5. My commitment is unwavering: PM
  6. Feeding the needy
  7. Top honours for tourism stalwarts
  8. RFMF deploys team to assess damage
  9. FRA awards contracts, sets targets
  10. Plant more cane, urges Bainimarama

Top Stories this Week

  1. Love is patient and always kind Wednesday (14 Feb)
  2. TC Gita: At its closest now Tuesday (13 Feb)
  3. Gita packs power Tuesday (13 Feb)
  4. TC Gita: Eye close by at 9pm Tuesday (13 Feb)
  5. TC Gita: Devastation clear Tuesday (13 Feb)
  6. TC Gita: Rooftop gone at Doi Tuesday (13 Feb)
  7. Engine fire forces Fiji Link return Tuesday (13 Feb)
  8. Woman to appear in court on rape charge Monday (12 Feb)
  9. Gita threat Monday (12 Feb)
  10. None like Gita Friday (16 Feb)