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(Bloomberg) -- U.S. stocks fell with the dollar, while Treasuries advanced as investors reacted to details of the Republican plan to cut taxes. The pound slumped and gilts surged after the Bank of England indicated its first rate hike in a decade might be the last for a while.

The S&P 500 Index turned lower as Republicans presented the tax plan, with homebuilders tumbling on news of changes to how mortgage interest will be treated. Markets earlier showed little reaction to news the president plans to nominate Jerome Powell to lead the Fed. The BOE decision roiled U.K. assets, sending the pound lower for a second day versus the dollar. U.S. crude held above $54 a barrel, and industrial metals pared some of Wednesday’s gains.

Trump will nominate Powell to the top job at the U.S. central bank on Thursday at 3 p.m. Washington time, according to four people familiar with the decision. Powell is seen by investors as a continuity candidate and has generally backed current chair Janet Yellen’s cautious approach to withdrawing stimulus.

The progress toward American tax reform is also on most investors’ radars, alongside corporate earnings and Friday’s U.S. jobs report. There have been conflicting reports about when and how the U.S. tax rate on companies would be lowered. House Republican leaders plan to unveil a bill Thursday that would cut the corporate tax rate to 20 percent -- though it may not stay there.

Elsewhere, bitcoin extended gains for the fourth consecutive day, hitting $7,000 to establish a fresh record before paring the advance.

Terminal users can read more in our Markets Live blog.

Here are some of the remaining scheduled events this week:

  • Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.
  • The slew of earnings releases will culminate with Apple Inc. results.

And these are the main moves in markets:

Stocks

  • The S&P 500 fell 0.4 percent at 10:11 a.m. in New York.
  • The Stoxx Europe 600 Index decreased 0.3 percent as of 8:38 a.m. New York time, the first retreat in more than a week. 
  • The U.K.’s FTSE 100 Index climbed 0.8 percent to the highest in three weeks on the largest increase in a month. 
  • Germany’s DAX Index fell 0.1 percent, the first retreat in more than a week. 

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1 percent to 1,181.30. 
  • The euro climbed 0.3 percent to $1.1651, the strongest in more than a week. 
  • The British pound decreased 1 percent to $1.311, the weakest in almost four weeks on the biggest tumble in almost 21 weeks. 
  • The Japanese yen was unchanged at 114.18 per dollar, the strongest in about six months.

Bonds

  • The yield on 10-year Treasuries fell one basis point to 2.36 percent, the lowest in two weeks. 
  • Germany’s 10-year yield rose one basis point to 0.38 percent. 
  • Britain’s 10-year yield decreased six basis points to 1.279 percent, the lowest in more than two weeks on the largest tumble in three months.

Commodities

  • West Texas Intermediate crude fell 0.2 percent to $54.19 a barrel, the largest fall in more than a week. 
  • Gold declined less than 0.05 percent to $1,274.52 an ounce. 
  • Copper decreased 0.6 percent to $3.12 a pound.

--With assistance from Adam Haigh Sheldon Reback and Cormac Mullen

To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net.

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Robert Brand

©2017 Bloomberg L.P.

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