MARKET WRAP: Equity markets dip on Trump tax plan
As widely expected, the ECB makes no changes to its record low interest rates or stimulus programme
New York — Key world stock markets dipped on Thursday after a three-day rally in the wake of a largely expected US tax cut plan, while the euro weakened after comments from European Central Bank president Mario Draghi. On Wall Street, stocks edged lower after a lukewarm reception for US President Donald Trump’s tax plan unveiled on Wednesday, some of the details of which were largely expected by investors. The plan proposes deep US tax cuts, many for businesses, that would make the federal deficit balloon if enacted. The market now is waiting to see if the proposal will become law. "It is getting to the point, this may be the last sort of hurrah for the hope trade – the announcement of the tax cut," said Tom Siomades, head of the Investment Consulting Group of Hartford Funds, in an interview with Reuters, referring to the stock market rally in the wake of Trump’s election. However, losses on Wall Street Thursday were curbed as corporate earnings continue to show strong results for t...
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