Market Wrap: Global Stocks move Lower. Tax Reform Hurdles Grow.

by | 15 Dec, 2017

Republican Senator for Florida Marco Rubio has thrown a spanner in the works

Stock Markets
European stocks edged lower today led by the FTSE MIB in Italy which declined by -0.34%. The FTSE100 in Britain was flat in early trading but is staying on course for a weekly advance. Euro indices closed at their lowest for a week yesterday, with bank shares suffering the most, even though new data showed Eurozone business activity improved this month.

In contrast, banking stocks were some of the biggest gainers across Indian markets today including HDFC Bank (+2.50%) and Indian Bank (+3.21%) while the NIFTY50 advanced by +0.79% to 10,333.25 points.

Stateside News
Despite falls for European and Asian indices, US stock futures point to a stronger open for the Dow Jones index. However, US investors may be concerned by the fact the Trump tax bill is facing more hurdles, after Republican Senators including Marco Rubio voiced doubts over the content within its pages.

Rubio (pictured) said he would not back the bill without changes to child tax credits, while Bob Corker of Tennessee also said he is undecided on whether it will get his vote. Republicans need every possible vote they can get to pass the bill. If they lose even a few key Senators, it may not go through. The first phase of the reforms package passed narrowly, with 51 votes to 49.

Oil Gains Undermined by US
The price of Brent Crude oil hangs around $63.26 this Friday, slightly lower than the beginning of the week when it sat above $65. Even though news of the temporary closure of the Forties pipeline made oil prices rally, this enthusiasm was off set by the fact that output from the United States is rising further.

Increases in American production have undermined OPEC’s efforts to tighten the market by cutting their output. US oil production has soared by 16% since mid-2016 to 9.78 million barrels per day, close to the levels of Saudi Arabia.

Want to learn more about the markets and how to become a better investor?

Download the Invstr App now.

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

Download on the App Store           Download on Google Play

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

Share This