Record highs for world markets on prospects of US tax bill being passed
London — Global stock markets hit record highs on Monday on expectations that a US tax bill could soon pass, though a more cautious reading of the draft law’s prospects among currency traders put the dollar under pressure. Top US Republicans said on Sunday they expected Congress to pass the tax code overhaul this week. Global stock markets have surged this year, in part on expectations of the reform, which is seen boosting corporate profits and triggering share buybacks and higher dividend payouts. The benchmark MSCI World index, which tracks shares in 47 countries, rose 0.41% on Monday to hit a record high, putting it on course for its best year since 2009. The pan-European Stoxx 600 index was up 0.9%, less than 2% off a two-year high hit at the start of November Germany’s DAX index rose 1.2%, with the UK’s FTSE 100 up 0.5%. With little in the way of major economic data this week, the bill was likely to remain in focus for stock market investors, according to Mike van Dulken, head ...
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