Asian shares edge higher after record-setting session on Wall Street
Tokyo — Asian stocks advanced on Tuesday after a record-setting session on Wall Street on bets that US legislators would pass sweeping tax legislation, while the dollar treaded water as traders were circumspect about the bill’s economic impact. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%. Australian shares added 0.6%, Hong Kong’s Hang Seng rose 0.7% and Shanghai climbed 0.4%. South Korea’s Kospi lost 0.2% and Japan’s Nikkei trimmed earlier gains and was last 0.05% higher. Wall Street hit record highs on Monday on the growing optimism about lower corporate tax rates as the Republican tax bill moved closer to passage. Global markets have been buffeted in recent weeks by shifting expectations about President Donald Trump’s ability to push through his signature policy. The bill would cut US corporate tax rates to 21% from 35%, which investors are betting will boost profits as well as trigger share buybacks and higher dividend payouts. "While the markets have alr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.