Bank shares the worst performers globally by lunchtime on Wednesday
London — Banking stocks dropped and the dollar slipped on Wednesday as doubts over tax cuts and bond market moves hurt profitability and raised questions over the longevity of the current expansion in the US. European banking stocks were the worst-performing sector as share indices across the continent opened lower, following a poor session for US banks. The dollar edged lower against a basket of currencies, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in US tax reforms plans could be delayed. Derek Halpenny, head of global markets research at Mitsubishi UFJ in London, said he was dubious about the progress of the tax cuts programme being urged by US President Donald Trump’s campaign. "The initial phases of discussions within the House [of Representatives] have brought up a lot of divisions and problems … If the story is true that they’re considering a delay of one year to the corporate tax cut, those big differences wi...
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