Morning Update – 18/12/2017 – by Arjun Lakhanpal

December 18, 2017 by

Morning all.. Another record close on Wall St with the S&P rising 0.9% as it seems the tax bill should be signed off this week now. The dollar was quiet but stocks stole the show. The same applied across Asia as the Nikkei closed up over 1.5% and HK was also up 1%. Japan’s Topix index closed up 1.4 percent. Mid-week votes in the House and Senate are planned on the legislation that will reduce corporate and individual tax rates. Lawmakers are aiming for the bill to land on President Donald Trump’s desk for a signature before Christmas. U.S. Treasury and Australian government bond yields advanced, though the dollar was getting little lift after it trod water last week. Oil is trading above $57 a barrel. In emerging markets, South Africa’s rand fluctuated ahead of the ruling party’s leadership vote, now scheduled for Monday. Elsewhere, bitcoin traded at around $19,000 as futures trading debuted on the CME Group Inc.’s venue, the world’s biggest exchange, giving the cryptocurrency further cachet and access to mainstream investors. FX markets were again sidelined in Asia with most in a tight range as we start the run into Xmas. This morning we get a look at EU CPI, a final reading for November but little else.. Good luck..