Asian shares follow Wall Street lower on US tax cut delay

AP

Print Article

  • An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Friday, Nov. 10, 2017. Asian shares sank Friday, following declines on Wall Street after a proposed delay to U.S. tax cut plan dented investor sentiment.(AP Photo/Kin Cheung)

  • 1

    An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Friday, Nov. 10, 2017. Asian shares sank Friday, following declines on Wall Street after a proposed delay to U.S. tax cut plan dented investor sentiment.(AP Photo/Kin Cheung)

  • An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Friday, Nov. 10, 2017. Asian shares sank Friday, following declines on Wall Street after a proposed delay to U.S. tax cut plan dented investor sentiment.(AP Photo/Kin Cheung)

  • 1

    An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Friday, Nov. 10, 2017. Asian shares sank Friday, following declines on Wall Street after a proposed delay to U.S. tax cut plan dented investor sentiment.(AP Photo/Kin Cheung)

HONG KONG (AP) Asian shares sank Friday, following declines on Wall Street after a proposed delay to U.S. tax cut plan dented investor sentiment.

KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 1.4 percent to 22,539.75 and South Korea's Kospi fell 0.5 percent to 2,538.34. Hong Kong's Hang Seng slipped 0.2 percent to 29,079.32 and the Shanghai Composite in mainland China sank 0.3 percent to 3,419.16. Australia's S&P/ASX 200 shed 0.3 percent to 6,033.90.

TAX DELAY: U.S. politicians surprised Wall Street with proposed delay in cutting corporate taxes. Proposed bills would ultimately slash the tax rates to 20 percent from 35 percent but the one from Senate Republicans wouldn't take effect until 2019. U.S. markets sold off in reaction to the news, with industrial and technology shares leading the declines, before recouping some of the losses by close of trading.

MARKET VIEW: "The release of the U.S. Senate's tax bill had been one to tip equity markets into losses," said Jingyi Pan, market strategist at IG. "With the increased likelihood of a delay to corporate tax cuts hitting markets, this risk-off day is set to find Asian bourses paring gains."

FORECAST DOWN UNDER: The Australian central bank forecast a "solid pace of growth" averaging about 3 percent over the next couple of years in its latest monetary policy statement. But it also trimmed its inflation and wage growth expectations, suggesting that it will keep benchmark interest rates at their current low levels.

WALL STREET: Major U.S. benchmarks ended skidded lower a day after closing at all-time highs. The Standard & Poor's 500 index dropped 0.4 percent to close at 2,584.62. The Dow Jones industrial average fell 0.4 percent to 23,461.94. The Nasdaq composite slid or 0.6 percent to 6,750.05.

CURRENCIES: The dollar was steady at 113.44 yen. The euro rose to $1.1645 from $1.1640.

ENERGY: Oil futures slipped from their highest levels since mid-2015. Benchmark U.S. crude fell 14 cents to $57.03 a barrel in electronic trading on the New York Mercantile Exchnage. The contract gained 36 cents to settle at $57.17 a barrel on Thursday. Brent crude, used to price international oils, dipped 12 cents to $63.81 a barrel in London.

Print Article

Read More World News

Zimbabwe's Mugabe ignores calls to quit, faces impeachment

AP

November 20, 2017 at 1:30 pm | HARARE, Zimbabwe (AP) Zimbabweans mobilized Monday for a major push to oust President Robert Mugabe, an increasingly isolated figure who faces impeachment proceedings and more street demonstrations...

Comments

Read More

China's deep ties to Zimbabwe could grow after Mugabe era

AP

November 20, 2017 at 5:00 am | HONG KONG (AP) Under Robert Mugabe's decades-long rule over Zimbabwe, China grew into one of the African nation's biggest investors, trading partners and diplomatic allies. Now, as Zimbabwe app...

Comments

Read More

The Latest: Mugabe calls Cabinet meeting for Tuesday morning

AP

November 20, 2017 at 9:26 am | HARARE, Zimbabwe (AP) The Latest on Zimbabwe's political turmoil (all times local): 6:30 p.m. Zimbabwe's longtime President Robert Mugabe has called a Cabinet meeting for Tuesday morning ev...

Comments

Read More

Suu Kyi blames world conflicts partly on illegal immigration

AP

November 20, 2017 at 5:00 am | NAYPYITAW, Myanmar (AP) Myanmar leader Aung San Suu Kyi said Monday that the world is facing instability and conflict in part because illegal immigration spreads terrorism, as her country faces acc...

Comments

Read More

Contact Us

(208) 263-9534
PO Box 159
Sandpoint, ID 83864

©2017 Bonner County Daily Bee Terms of Use Privacy Policy
X