{"id":49791,"date":"2017-10-31T05:01:00","date_gmt":"2017-10-31T05:01:00","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=49791"},"modified":"2017-10-31T05:01:00","modified_gmt":"2017-10-31T05:01:00","slug":"europe-lift-sends-world-stock-gauge-to-record","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/europe-lift-sends-world-stock-gauge-to-record.html","title":{"rendered":"Europe lift sends world stock gauge to record"},"content":{"rendered":"

Europe lift sends world stock gauge to record<\/span><\/strong><\/span><\/h2>\n

Europe lift sends world stock gauge to record: Bloomberg reported that the corporate tax rate may be reduced gradually, by 3 percentage points a year, to 20 percent.<\/span><\/p>\n

\u201cClearly tax policy is important to corporations,\u201d said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.<\/span><\/p>\n

\u201cHowever far-fetched this idea is or whether it has any legs or not \u2013 we don\u2019t know yet, but markets always react to the very first sense of anything.\u201d<\/span><\/p>\n

The Dow and S&P 500 retreated on the heels of seven straight weeks of gains that left both indexes at record levels. The Nasdaq was slightly below the unchanged mark after scoring its best weekly gain in nearly a year last week.<\/span><\/p>\n

Stocks pared gains late in the session after the New York Times reported Federal Reserve Governor Jerome Powell is expected to be named the next head of the U.S. central bank, replacing Janet Yellen.<\/span><\/p>\n

The Dow Jones Industrial Average .DJI fell 85.45 points, or 0.36 percent, to 23,348.74, the S&P 500 .SPX lost 8.24 points, or 0.32 percent, to 2,572.83 and the Nasdaq Composite .IXIC dropped 2.30 points, or 0.03 percent, to 6,698.96.<\/span><\/p>\n

MSCI\u2019s world equity <\/span>index .MIWD00000PUS, which tracks shares in 47 countries, gained 0.05 percent after hitting a record of 496.77, its highest level in a week. The index has surged nearly 18 percent for the <\/span>year, and is on pace to notch its best annual performance since 2013.<\/span><\/p>\n

Spanish markets supported European shares after an opinion poll showing waning support for independence soothed investors’ concerns over Catalan secession. Spanish <\/span>stocks .IBEX <\/span>were up 2.44 percent and set for their best day since Oct 5.<\/span><\/p>\n

Spain\u2019s benchmark 10-year bond yield ES10YT=RR last yielded 1.49 percent, down from 1.502 percent late on Friday.<\/span><\/p>\n

The pan-European FTSEurofirst 300 <\/span>index .FTEU3 rose 0.16 percent. European stocks have rallied this year on a healthier economy, coupled with convincing growth in corporate earnings and a reduction in political risk.<\/span><\/p>\n

U.S. Treasury yields fell at the start of a week of policy meetings by three major central banks, a steady stream of economic data and the expected announcement on a new Federal Reserve chair, extending declines after the Times report.<\/span><\/p>\n

The Bank of England is widely expected to raise rates on Thursday, reversing its monetary easing following Britain\u2019s June 2016 vote to leave the European Union, while the U.S. Federal Reserve is expected to hold rates steady. The Bank of Japan will also issue a rate decision this week.<\/span><\/p>\n

Benchmark 10-year Treasury notes US10YT=RR last rose 17\/32 in price to yield 2.3684 percent, down from 2.428 percent late on Friday.<\/span><\/p>\n

The dollar index .DXY fell 0.48 percent, with the euro EUR= up 0.39 percent to $1.1653.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-global-markets\/europe-lift-sends-world-stock-gauge-to-record-wall-st-dips-idUSKBN1CZ01Z<\/span><\/p>\n

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