Sydney — Asian shares rose on Wednesday as investors hoped for progress on major tax reform in the US, while the dollar hovered near one-month highs on the growing expectation of a US interest rate increase in December. The administration and Republicans in Congress are due to outline a tax plan on Wednesday. If passed, it would be the first significant legislative victory for US President Donald Trump since taking office in January. It would also be a win for Wall Street as corporate tax cuts would potentially boost profits, while a tax amnesty on offshore cash holdings could fuel more buybacks and thus share values. "We’re now seeing some embryonic prospects of a tax reform in the US which is a much bigger issue for the markets than the Federal Reserve," said Ray Attrill, Sydney-based global head of forex strategy at National Australia Bank. "Our view has been the market had moved from applying a Trump-premium from November-December to applying Trump-discount due to his inability ...
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